Turkish digital Lira is making one headline after another since the rumors broke that the Turkish central bank digital currency (CBDC) is in play now.
Now as per Turkey’s official publication Resmi Gazette’s document, the President of Turkey Recep Tayyip Erdogan has directed the launch to be scheduled in 2020.
Erdogan directed his government to speed up the development and testing of Turkey’s National Central Bank Digital Currency (CBDC) Digital Lira and finalize its launch by the end of the year 2020.
What is Turkish digital Lira?
Turkish digital Lira is a blockchain-powered currency, other than the central bank of the country, the Scientific and Technological Research Council of Turkey TUBITAK is also part of this project.
The government of Turkey in this regard stated that the Turkish Digital Lira is a part of the plan which revolves around the idea of establishing a finance sector of the country that would have a durable and stable institutional structure that could be employed for local economy’s financial needs through a variety of financial tools. How this goal would be accomplished is unclear as of yet, however; Turkey is not the first country that is proposing the CBDC.
The idea of establishment of central bank digital currencies is not limited to only a few countries, but there are many countries which are looking into the possibility of issuing their central bank-owned digital currency such as many European countries, China, Marshall Islands, and Iran and now even the United States of America.
Furthermore, Turkey is also looking into employing blockchain technology for public services, transport, and administration purposes. As it provides secure, transparent and immutable ledger technology.
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Recent research has taken a closer look into bitcoin prices and miner flows to crypto exchanges. There have been clear spikes as expected when larger mining pools liquidate but the correlation is not as strong as many would expect. This would suggest there is more hodling going on this year. Do Bitcoin Mining Pools Impact Prices?Naturally, when a large quantity of any asset enters the markets, its prices are going to be affected. According to TokenAnalyst, there have been clear correlations between mining pool flow to exchanges and bitcoin prices.$BTC price vs miner flows to exchanges. Systematic selling comes from BTCTOP & SlushPool, while the largest spikes are driven by F2Pool. Slushpool didn’t vary much during cycles this year, but BTCTOP sold 50% more per day in Q3 than Q1-Q2 (15.9/day in Q3 vs 10.1/day in Q1-Q2). pic.twitter.com/DcWzaUpiAv— Ceteris Paribus (@ceterispar1bus) November 10, 2019 The findings also suggest that some mining pools have chosen to liquidate over the counter as opposed to exchanges this year. This would get them a better rate without the spreads and commissions but may skew…Nov 12, 2019
Noelle Acheson is a veteran of company analysis and CoinDesk’s director of research. The opinions expressed in this article are the author’s own.The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here.After the market storms of the past couple of weeks, we could all use some (relatively) good news. And it’s this: Storms bring destruction but also clarity.As I write, bitcoin (BTC) is bouncing, but who knows what wild swings it will have gone through by the time this is published? So, bitcoin’s price is not where to look for clarity now. It’s more existential than that.Out of the chaos of the last couple of weeks, in which everything moved together, a clearer distinction has emerged between asset classes. Greater clarity itself may be good news, but what we’re seeing is not. Let’s walk through the new fundamentals. Come rain or shineFirst, equities: Expected earnings are down across the board, possibly by a whopping amount. A couple of weeks ago, in the U.S. and Europe, business was humming…Mar 23, 2020
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