Cryptocurrencies Entered CBRT Report! Here are the details –

Cryptocurrencies have now become one of the important agendas of countries. Especially the Central Bank Digital Currency (CBDC) is an issue that many countries are working on and about to implement. Türkiye is also a pioneer in this regard. In this context, studies in the field of Digital Turkish Lira and crypto money were also included in the 2022 annual report of the Central Bank of the Republic of Turkey (CBRT).

Cryptocurrencies are on the agenda of the Central Bank!

CBRT Chairman Şahap Kavcıoğlu made some statements regarding the CBRT’s report published on March 28 at the 91st Fiscal Period General Assembly Meeting. In his speech, Kavcıoğlu emphasized that they will expand the Digital Turkish Lira Cooperation Platform. In this context, Kavcıoğlu noted that they started to work on expanding the Digital Turkish Lira Cooperation Platform in 2023 with the participation of selected banks and financial technology companies.

In the annual report in question, it was noted that in 2022, discussions were held at the Financial Stability Board (FSB) meetings regarding regulations regarding cryptocurrencies. Regarding the development of CBDC, it was noted in the report that within the scope of the Central Bank Digital Turkish Lira Research and Development Project, the requirements for the use scenarios and architecture of the Digital Turkish lira were determined and a project working environment was prepared in this direction. In this direction, it was stated that systems and applications related to CBDC were developed and tests were carried out with simulations. In addition, it was stated that the system performance and user experience were measured with pilot test studies, and the first stage studies were carried out by conducting analysis studies.

Systemic and legal infrastructure studies on CBDC continue As we have announced, the CBRT announced in December 2022 that the first payment was successfully made in Digital Turkish Lira within the scope of the first phase studies. He also noted that closed-circuit pilot implementation tests will be continued in the first quarter of 2023. In the CBRT annual report, these explanations were mentioned and it was emphasized that alternative setups for the integration of the Digital Turkish Lira and FAST systems were evaluated. In addition, it was stated that integration applications were developed for the uses determined within the scope of the first stage and the tests were completed successfully.

In the meantime, it was stated that digital identities were created to be used in financial transactions for system operators and test participant users in the Digital Turkish Lira System. The report also emphasized that pilot testers were able to authenticate at different levels through the digital wallet, store their documents and use them in their financial transactions. Finally, it was noted in the report that the studies on the legal dimension of the Digital Turkish Lira continue.

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