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Central Bank of Turkey now partnering with tech firms

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Several agreements have been signed by the central bank and tech firms. The collaboration will create the Digital Turkish Lira Collaboration Platform.

The latest move made by the central bank will help to inspect and develop the digital lira. The most important financial institution in Turkey signed contracts with technology firms Aselsan, Havelsan, and TÜBİTAK.

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The three collaborators will help in the development and also testing of a new network. This network is a prototype that will host the central bank’s digital currency. The project will embrace “blockchain technology, the use of distributed ledgers in payment systems, and integration with instant payment systems.” But this will be possible at a later stage.

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The central bank hasn’t decided if it will issue its own digital currency yet, but it is testing the environment. After the results, which are expected to next year, have been delivered, the CBRT will make a definitive decision.

Turkey hasn’t been very friendly towards cryptocurrencies. In April, Turkey’s Central Bank banned digital currency payments because of their anonymity and absence of regulations. This measure was taken due to crypto volatility and the felonious activity they are supposedly used for. Digital wallet theft and the impotence of the government to intervene were also mentioned in the press release.

The ban, focused on payments used for goods and services, will be effective on April 30. People will still be able to own digital currencies and transfer fiat from bank accounts to crypto exchanges.

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