Turkish Central Banks Signed Agreement With Local Tech Firms for Digital Currency R&D

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The Central Bank of the Republic of Turkey signed agreements with various technology firms to form the digital Turkish Lira collaboration platform. CBRT made a forward step with research and development with the domestic companies for the Turkish lira platform. On September 15, the Turkish Central bank announced that it entered into an agreement with three research and development companies for its collaboration platform. The domestic technology companies included in the project are anticipated to expand as the project moves forward. 

Collaborated Technologies

The three technology shareholders are Aselsan, a significant defense corporation, TUBITAK, information security research center, and informatics, Havelsan, software, and systems developer in the I.T. and defense sectors. At the same time, the announcement from the CBRT does not clarify the technological infrastructure fundamental of the project. However, project collaborators are expected to be assisted in developing and testing the prototype of the project, and the announcement stated that it would adopt blockchain technology. The new digital lira project did not commit similar to the digital euro to digitizing Turkish’s currency. The information indicates the CBRT has made no final decision about the digital Turkish lira’s issuance. 

The CRBT initiates the test to check whether the technology satisfies the standard required for the implementation. The test results are expected in 2022. Moreover, the Turkish central bank banned cryptocurrency and other digital assets payments in earlier summer and limited the financial services range available to crypto businesses. The bill made to establish regulatory clarity on digital assets awaits a parliamentary vote. 

Coinbase Strikes Another Deal with the U.S. Government

Coinbase and U.S. Homeland Security agreed on another million-dollar deal today. The agreement indicates that the U.S. government will use Coinbase’s services to review data from the country’s residents. For the analytics software, the U.S. government paid $1.36 million for licensing to Coinbase, and the software is dedicated to illegal immigration and cross-border crime. However, according to the documents from Coinbase, there is no hint of what type of data will be reviewed. 

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