Turkey central bank turns to local tech sector for CBDC research
Three domestic partners were identified and invited to sign a memorandum of understanding with the bank, whose goal is to develop the “Digital Turkish Lira Collaboration Platform."
Three domestic partners were identified and invited to sign a memorandum of understanding with the bank, whose goal is to develop the “Digital Turkish Lira Collaboration Platform."
Jürgen Schaaf said the test phase is still in trial for the technology and banks would experiment with digital currency to determine whether to roll out its central bank digital currency more widely.
The measures were designed to protect unsuspecting investors and to avoid the risks of the digital currency market crashing to zero, according to Deputy Governor Sergey Shvetsov.
The new policy requires operators to tie in with AML/CFT rules, which include processes like verifying the source of funds, monitoring transactions, and other diligence measures.
The comments from Deputy Chairman Behzod Khamraev came after El Salvador adopted BTC as a legal tender, which led to significant protests and unrest in the country.
The Biden administration said the law would not apply to non-custodial actors, but there is still some debate as to how the bill is drafted and what this could mean for the wider sector.
The report views digital currency a trending innovation in finance, but also a threat to the sustainability of financial services due to its environmental impact.
The Envelope Specification aims to address the problem of inconsistent data file formats, which each require their own compatible software to open, decode, and process.
Driven by blockchain technology, the State Grid's platform is expected to enable renewable energy to be traded in response to supply and demand.
Legislation introduced in the country imposed a deadline on September 24 for the registration of any digital currency exchange that wishes to continue to do business in the country.
In its warning note, the SEC said that investors should understand the full extent of the risks involved and look out for signs that could point to fraudulent schemes.
The concerns were raised via a speech by chairman Charles Randell, who stated that FCA should be given more teeth to regulate on advertisements that had overstepped the mark.