Turkish central bank Digital Lira project update
The Central Bank of the Republic of Turkey (CBRT) provided an update on the proof-of-concept phase of its Digital Turkish Lira Project. Payment transactions were successfully executed on the Digital Turkish Lira Network, and in the first quarter of 2023, closed-circuit tests will be carried out with technology stakeholders. The findings obtained from the tests will be shared with the public in a comprehensive evaluation report. The tests will then be expanded later in 2023 to include selected banks and financial technology companies, followed by broad participation pilot tests. Tests will include checking out how distributed ledger technology (DLT) based platforms will integrate with existing payment ecosystems. Also, throughout 2023, priority will be given to the legal framework and building out digital identification infrastructure. [Read more at the CBRT]
Bank of Canada 2021 Methods-of-Payment Survey Report
The Bank of Canada published the results from the 2021 Methods-of-Payment (MOP) Survey. It finds that while fewer Canadians are holding cash, those who do have cash tended to hold higher amounts over time. This is associated with fewer trips to obtain cash, but larger amounts withdrawn for a given trip, on average. Views about the features of cash have changed somewhat in recent years, though cash is still viewed quite positively in terms of acceptance, cost, ease of use and security. Most Canadians have no plans to stop using cash in the future. [Read more at the Bank of Canada]
2nd Edition of DC³ Conference – From Cryptocurrencies to Central Bank Digital Currencies (CBDCs)
The International Telecommunication Union (ITU) will hold (virtually) the second edition of its DC3 Conference – From Cryptocurrencies to Central Bank Digital Currencies (CBDCs) from January 24 to 27 2023. On January 27 I will be moderating two panels on offline central bank digital currency (CBDC). Also, on January 24, Jacques Francouer and I will be providing an update to our ITU Digital Currency Global Initiative digital currency ontology work. [For more event detail go to the ITU DC3 conference site]
Kiffmeister’s global central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.
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