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Digital currencies are growing in popularity and central banks are playing a critical role in this area. CBRT President Hafize Gaye Erkan made important statements about the Digital Turkish Lira vision at a meeting in Istanbul. In this article, we will examine Erkan’s perspective on this issue.
Digital Turkish Lira vision from CBRT President Gaye Erkan
Central Bank Governor Hafize Gaye Erkan stated that digital money is not only a technological innovation, but also stems from the power of the central bank.
A meeting organized by the Organization of Islamic Cooperation took place in Istanbul on 24-25 September. At this meeting, CBRT President Erkan was the main speaker. In the first session, the global and OIC economic situation was discussed. Digital Turkish Lira and its latest developments were brought to the agenda in the second session. The cooperation of central banks on this issue was the main agenda item of this session.
The third session focused on trading local currencies. Attention was drawn to the increasing role of trade in local currencies. In this session, the advantages and difficulties of local currency trading were also on the agenda. Erkan also touched upon the tragedies in Morocco and Libya and expressed his condolences. He thanked them for their support during the earthquakes this year.
He drew attention to the changes in the world economy. He pointed to supply chain issues, inflation and risks in raw materials. He stated that central banks have a great responsibility in solving these issues.
“We are at a critical turning point”
Hafize Gaye Erkan, the important name of the Central Bank, shared critical information about the future of digital currencies. Erkan emphasized that the work of central banks in developed countries on digital money has now reached the maturity stage. In particular, he pointed out that cooperation with BIS and OIC is of vital importance in creating robust and reliable CBDC systems. According to Erkan’s statements:
The initiatives of developed country central banks are about to reach a certain maturity, and we are at a critical turning point where the role of BIS and OIC cooperation are key in creating safe and resilient CBDC systems. There are examples of countries developing their own digital currency technologies.
He stated that the real potential of digital money lies not only in the fact that it is a digital unit, but also in the fact that it is a valuable technology issued by the central bank. Erkan also underlined that interoperability and high-performance payment processing systems are essential for effective global transfer. These statements are of great importance for Turkey’s vision for the future of digital currencies.
Central Bank’s Digital Currency Vision
Erkan emphasized that the world is at a turning point regarding digital money. He also pointed out that central banks are developing digital money technology. He stated that the real power of digital money comes from the central bank. He stated that MBDP projects cannot be successful without an effective payment system. He drew attention to the importance of OIC’s cooperation in this field. Erkan particularly emphasized the facilitation of cross-border digital money transactions.
As a result, digital money seems to be the payment method of the future. Meanwhile, Erkan’s statements contain clues for the steps Turkey will take in this field. The Central Bank clearly stated its vision on digital money. cryptokoin.com We have included the Digital Turkish Lira tests and reports starting in 2022 in this article.
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# digital money # Digital Currency # gaye erkan # gaye Erken # turkey cryptocurrency # central bank of Turkey