🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
Turkey's Central Bank continues pilot phase for its Central Bank Digital Currency, the digital lira, amid civil rights concerns and pervasive corruption.
Content Analysis:
✅ Turkey's Central Bank of the Republic of Türkiye (🇹🇷 central bank) is running closed-circuit pilot tests for its CBDC, the digital lira.
✅ In 2020, the 🇹🇷 central bank began assessing the feasibility of a CBDC which led to the Digital Turkish Lira Research and Development Project's launch.
✅ In 2021, the bank introduced the “Digital Turkish Lira Collaboration Platform” for testing by select entities and started analyzing technological capabilities for their CBDC project.
✅ The first transaction through the digital Turkish lira network occurred in 2022, followed by the commencement of their CBDC pilot's second phase in 2023.
✅ In 2024, the 🇹🇷 central bank acknowledged the digital Turkish lira’s prospective impact on the payment ecosystem.
✅ Despite excitement around the CBDC, Turkey's Freedom House's score and alleged misuse of financial crime enforcement tools raise civil rights concerns.
✅ Turkey has been reported to freeze NGO assets on dubious terrorism financing grounds, suggesting the potential misuse of a CBDC to control citizens financially.
✅ Corruption reported at high governmental levels questions the feasibility of fair surveillance control or risk management in Turkey's CBDC development.
Hashtags:
#CentralBankDigitalCurrency #FinancialInclusion #FinancialFreedom #HumanRights #Turkey #CentralBanKofTurkey #CBDCProject #DigitalLira
Question:
Knowing the potential for CBDCs to be used as a tool to control citizen's finances, especially in regions with high levels of government corruption and questionable freedom indexes like 🇹🇷, how do we ensure that these digital currencies promote rather than impede financial freedom and human rights?
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