⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 72.31%

One-sentence summary:

Turkey 🇹🇷 is testing its Central Bank Digital Currency (CBDC), the digital lira, amidst concerns of potential misuse for financial crime enforcement and governmental corruption.

✅ Turkey's 🇹🇷 Central Bank is currently running closed-circuit pilot tests for its CBDC (the 'digital lira').

✅ The Bank plans to publish an evaluation report once the pilot test is complete and then launch further advanced phases to include a wider range of financial institutions.

✅ The Central Bank Digital Turkish Lira Research and Development Project began in 2020 to understand the workings of a CBDC.

✅ In 2021, a Digital Turkish Lira Collaboration Platform was established for capacity measurements and architectural setups of different technological alternatives.

✅ The first phase of the CBDC pilot was launched in 2022, and by 2023, the first phase, which included testing transactions and security measures, was completed.

✅ However, Freedom House's 2023 report ranked Turkey a 32 out of 100, raising concerns over the misuse of financial crime enforcement tools and widespread government corruption.

✅ Amnesty International and Freedom House have cited Turkey's past of using financial tools to facilitate political repression and harass NGOs under the guise of anti-terrorism measures.

✅ With a documented history of corruption, there are concerns whether CBDC policies might be designed to exert political favoritism or enable further financial control over citizens.

#Turkey #CentralBankDigitalCurrency #DigitalLira #HumanRights #Transparency #FinancialControl

What can be done to ensure that Turkey's digital lira doesn't become another instrument for financial harassment or political favoritism, given the country's track record? How might this shape the global ramifications of CBDC development and adoption?

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