Kazakhstan and Turkey moves forward with their CBDCs | by Daniel Jensen | The Capital | Jan, 2023

I thought I would pair these two news items, as they both pertain to CBDC, into one post. It’s me trying to make the CBDC news easier to follow along with. Hopefully, it works. =)

Kazakhstan’s central bank has recommended rolling out their CBDC as early as 2023. And over the coming two years, add features and functionality to it. While Kazakhstan mostly is known for Sacha Baron Cohen’s alter ego Borat. They are, in fact a powerhouse when it comes to bitcoin mining. Much of the Chinese hash rates reportedly were moved there after the crypto ban a few years back.

And Kazakhstan has also made moves to support this burgeoning mining industry. Namely securing power from Russia, something I reported on a while back. This will relieve pressure from the nation’s own power infrastructure. And I assume as they are one of few nations still willing to deal with Russia, they are getting a very good deal on the cost as well.

I can only see the Kazakhstan CBDC as a way for the government to try and exert more control while riding the crypto wave.

The Turkish central bank has reported the first transaction being successfully made on the e-Lira network. And they are looking to increase testing during 2023.

Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems. -Central Bank of the Republic of Turkey (CBRT)

Along with their CBDC, they are also looking into digital identification, as they have said they see this as a critically important piece of the puzzle to make their CBDC work.

It will be interesting to see if there is a change of power in Turkey and to see if a possible new regime is as pro-CBDC as Erdogan has been.

I hope that you have found these two CBDC news items of interest. Personally, I like to try and keep tabs on all CBDC news as I find the topic to be very important and scary at the same time. Please share your thoughts on this, do you see Kazakhstan becoming a crypto powerhouse? Do you think a new regime in Turkey is as pro-CBDC as Erdogan is, or will it be a change to their CBDC program? Please sound off in the comments section down below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.

See you on the interwebs!

Picture provided by: https://pixabay.com/