Turkey Publishes Report on its First Phase of CBDC Development

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The Central Bank of the Republic of Turkey (CBRT) is currently making efforts towards the development of the digital lira and recently released the English translation of its Central Bank Digital Turkish Lira Research and Development (R&D) Project, highlighting its progress and future plans. 

As reported earlier by TheCoinRise, the United States Federal Reserve has also hinted at plans to release a CBDC. Interestingly, a closed-door meeting between Fed Chair Jerome Powell and senior Democrats regarding a “digital dollar” has sparked speculation about the accelerated development of the CBDC.

Turkey Moves Forward with CBDC Development

It is crucial to note that the official English translation of the CBDC project report came to light earlier this week after being published last year by the regulators in Turkey. Interestingly, the report said that the initial stage of the initiative focused on the development of the digital identity system, digital currency system, abstraction layer, service layer, and wallet. 

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The abstraction layer was implemented to enhance the system’s modularity. Commencing in 2021, the first phase of the project saw the Central Bank of the Republic of Turkey (CBRT) conduct its inaugural trial transactions with the digital Turkish lira in 2022.

Intermediated Retail CBDC

Moreover, each component of the system operates independently, facilitating seamless replacement when necessary. The system is integrated into the Digital Turkish Lira Collaboration Platform, jointly managed by the Central Bank of the Republic of Turkey (CBRT), the Scientific and Technological Research Council of Türkiye, and the companies Aselsan and Havelsan.

More importantly, the Turkish lira was designed as an intermediated retail CBDC. Meanwhile, the wholesale version will be studied in a separate process.

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“The system should not harm economic and financial processes. It should not aim to compete with existing financial products and services,” read the translation.

Turkey and Cryptocurrencies

Turkey has adopted a fairly positive attitude towards digital assets. As reported earlier by TheCoinRise, the investors in the region were highly interested in memecoin, Dogecoin (DOGE)

Further, back in 2021, the lawmakers in the country were working on a regulatory framework for digital assets. The world’s largest crypto exchange, Binance, also expanded its presence heavily in the country.

CBCDs are a Controversial Topic

CBDCs have become a controversial topic for the digital asset community, and lawmakers are also divided due to certain aspects of the blockchain-based fiat currency. Recently, presidential candidate Donald Trump criticized CBDCs, stating that he would never allow the creation of a digital dollar in the United States.

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