Turkey Joins Marathon for Becoming One of Leading Countries in CBDC Adoption

As the year 2021 is coming to an end, several countries from around the world have started expediting the final phases of central bank digital currency (CBDC) testing. Among these countries are China, Russia, Georgia, Europe, Venezuela, and many more.

What was just a concept a couple of years back has now become a reality. In the past, the majority of the countries opposed the idea of digital currencies, let alone launch central bank digital currencies. However, the past couple of years have changed the way the world once thought of CBDCs.

Now, the majority of the countries are aiming to develop and launch their own central bank digital currencies. This way, they would be able to stay up to date with the market trends. This would also help countries bring stability to their economies.

Several countries with economic downfalls and tremendous inflation problems are moving towards the central bank digital currencies. This is the reason why Turkey is also very interested and eager to adopt the CBDC technology.

Among several countries around the world, Turkey is the one that is facing a lot of inflation and it is trying to boost its economy. Seeing, central bank digital currencies as the only way out, Turkey has expedited its process of developing and launching digital lira.

The country is, therefore, making an attempt of expediting the development of the digital lira. The recent reports now reveal that the Central Bank of Turkey has already made a lot of progress in the development of the digital lira. The Central Bank of Turkey has already carried out its research on the digital lira and has taken a huge step forward into the CBDC space.

The Central Bank of Turkey (CBRT) has also made announcements in regards to developments in the CBDC progress. The central bank has announced that in order to carry out further research in the particular sector, it has acquired the support of three companies.

The announcement in regards to collaborating with three companies was made by CBRT on Wednesday, September 22, 2021. In the announcement, the CBRT revealed that it had signed a memorandum with three domestic companies. These companies are known for being the most advanced and experts in the technology and research sector.

In collaboration with the companies, CBRT will be working on the collaboration platform for the digital Turkish lira. For now, three companies will be working with the CBRT, for the development, research, and testing of the digital Turkish lira.

CBRT revealed that over time, it will be adding more companies and participants wanting to help it throughout the research and development phase of the digital Turkish lira.

For now, the companies collaborating with CBRT for the research and development of digital Turkish lira are TUBITAK, Havelsan, and Aselsan.