In our country, studies on crypto money and Blockchain have been carried out for a while. A prominent product in this field is digital currencies. With the decline in the use of cash, countries have entered the effort to issue central bank digital currencies (CBDC). These cryptocurrencies will essentially be the digital version of fiat currency. Turkey’s CBDC project is Digital TL. The testing process for the digital TL started the other day. So what’s next? When will the first transaction with Digital Turkish Lira (DTL) be made?
Testing process started for digital TL
cryptocoin.com As we have also reported, studies have been going on for a while for the Blockchain-based Digital Turkish Lira (DTL) issued by the Central Bank of the Republic of Turkey (CBRT). His work was carried out by the Central Bank Digital Turkish Lira Research and Development Project. It was reported that we came to the testing phase in terms of the use of DTL in payments, as a result of the pilot findings in the second phase. It is thought that the first payment with DTL, that is, the first purchase, will be made in 2023.
Experts and servers at HAVELSAN will undertake the security, protection and data analysis issues regarding the Digital Turkish Lira. There is also the integration of DTL systems with FAST systems. So DTL will be made available for FAST payments. As it is known, 1 DTL will be equal to 1 Turkish Lira. So, you can compare DTL to stablecoin as it is equal to 1 Turkish Lira.
Increasing interest in digital currencies
In recent years, the narrative of need for a digital currency has spread. This has mobilized the central banks of many countries. So, what is the characteristic of a digital currency? While it is not certain that all items will be in DTL, the expected benefits of digital currencies are:
- In the face of increasingly intense payment levels in the hands of some Internet giants, the competition of payment systems can increase efficiency and flexibility.
- It can help advance financial digitalization and inclusive finance. This can help further reduce the amount of cash in circulation in the system.
- It reduces the issuance and transaction costs of cash such as printing, transportation, storage and maintenance.
- It can shelve the entire movement cycle of the currency. Improves the accuracy of currency issuance. It avoids some financial risks and can save data.
- It can also use existing digital marketing channels to achieve universal distribution and provide a complete ecosystem for technology-based economic and financial activities.
- It could facilitate a completely contactless economy.
- It can help realize the integration of monetary and fiscal policy to achieve a more efficient macro policy regulatory system. It can enrich and improve monetary policy in the long run.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.