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Transition to the digital money age in the monetary regime evolution

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Monetary evolution… The monetary regime has taken different forms throughout history. Digital money is also an announcement of the right step to be taken to adapt to the inevitable monetary evolution. One project that has been piloted in China for several years is the use of digital currency. China has made great progress in this regard. It was previously announced that the EU, UK, US and Russia are making similar preparations. The move to digitize money is a systemic necessity and an inevitable development.

 

Physical money has a certain cost and life under current conditions. With this breakthrough of digital money, this disadvantage of physical money will be largely overcome. On the other hand, monitoring of individuals’ living/spending habits will become much more stringent.

 

The difference between digital money and crypto money… We see that there are many people who confuse cryptocurrencies with digital currencies. Let’s talk briefly about the main differences. Central bank digital money, as the name suggests, are ultra-central currencies that are completely dependent on countries’ central banks. The main difference is that digital currencies do not need to be on the blockchain. But mostly they use blockchain. For example, the digital yuan works on the blockchain, but the blockchain is not public. It can only be used for a certain group. The most important difference between digital money and crypto money is that digital money is managed by a central system, while crypto assets work decentralized. This brings to mind what I call anonymity and of course data security.

 

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They do not have a limited supply like existing currencies, as they are issued by central banks and are digital versions of country currencies. States find it close because it becomes very easy to track the money.

 

The work of the CBRT… The Central Bank of the Republic of Turkey; created a “Digital Turkish Lira Cooperation Platform” by signing a bilateral memorandum of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM. In the light of the findings of the first phase, where the preliminary tests of strategic and critical technologies related to the project will be conducted, it is planned to expand the platform with new participations. Within the scope of the first phase pilot implementation studies, a prototype “Digital Turkish Lira Network” will be created at the CBRT and narrow-scope and closed-circuit pilot implementation tests will be carried out with technology stakeholders. In line with the results obtained, further stages will be passed where more widespread and broad participation pilot tests will be carried out. Within the scope of the Digital Turkish Lira R&D project, it is also planned to carry out tests that may require diversity in subjects such as blockchain technology, the use of distributed structures in payment systems, and integration with instant payment systems.

 

There is no final decision taken by the CBRT regarding the circulation of the digital Turkish Lira. All studies are carried out on the basis of experimental R&D activities. After the capacity measurements of different technological alternatives are completed and their architectural installations are completed, it is aimed to determine whether the existing technologies meet the economic, legal and financial requirements of the digital Turkish lira. The results of the first phase will be shared with the public in 2022 after the completion of the tests.

 

It would be appropriate for Turkey to take a step in this direction. The situation in Turkey should be one of the most important issues to be considered in terms of both software and hardware.

 

Conclusion? We see the next stage in the evolution of the monetary regime over the centuries, from Barter system to the gold standard, from Bretton Woods to banknotes, as the digitalization of the financial system. The main thing here is to build the underlying value on an existing currency. This is the main difference from decentralized cryptocurrencies. At the same time, clarification on data security and regulatory authority will also contribute to functionality in terms of value storage and exchange. Digitalization, which has become a phenomenon with the pandemic, is important in terms of creating alternatives in the monetary regime and in terms of creating savings.

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