The digital lira will also focus on user privacy and only support one account per user, accessible through all intermediary financial institutions, according to the Central Bank of the Republic of Turkey.
Turkey is slated to roll out its digital lira in 2023 as part of its goal to reach the unbanked 40% of the population, but several analysts doubt the methods put in place will trigger adoption.
The central bank termed digital currencies as risky because “they are neither subject to any regulation and supervision mechanisms nor a central regulatory authority.”
