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.
The new draft rules will require exchanges to obtain licenses and be subject to similar operational requirements as financial institutions, according to the country’s treasury and finance minister.
After the success of the first pilot test, the Central Bank of Turkey enters the phase 2 of digital lira experiments that will explore offline functionality of CBDC system to improve financial inclusivity.
As one of the world’s largest digital asset hubs, Turkey is focused on licensing and taxing digital asset operations to comply with Financial Action Task Force.
Under the proposed framework, the Turkish government will offer modern definitions for VASPs to include exchanges and brokers and hinted at a new tax regime for digital assets.
The lack of a dedicated legal regime for digital assets in Turkey has been cited by the Financial Action Task Force as the last remaining area of non-compliance for the country.
Thodex went bust with over $2.6 billion, according to blockchain sleuths, and Turkish prosecutors requested the court imprison the founder for 40,000 years.
Faruk Fatih Özer said he couldn’t access the documents as Thodex was under a trustee, but the judge rejected the defense—he awaits a verdict on $2 billion 'crypto' scam.
If convicted by Turkish courts, Faruk Fatih Ozer, CEO of defunct Thodex exchange, could face over 10 years in prison and disgorgement of illicit gains.
The Turkish central bank announced that it had conducted the first successful transactions on the digital lira and said it would involve banks in phase 2.
The two-day event in Turkey tarts on November 15 and will feature experts including Dr. Craig Wright, Latif Ladid, and more.
The conference is aimed at developers, entrepreneurs, and students at Turkey’s top universities and will be held at the TİM Show Centre in Istanbul on 15 and 16 November.
