SEATTLE, December 1, 2021 / PRNewswire / – Turkey is the most recent country to announce the development of a central bank digital currency (CBDC). The Central Bank of the Republic of Turkey (CBRT) created the Digital Turkish Lira Collaboration Platform and has been testing the platform for some time. He plans to release the results in 2022 when testing is fully completed.
The Central Bank of the Republic of Turkey has collaborated and signed agreements with numerous agencies to develop a prototype Turkish Lira digital network. Limited closed-circuit testing was performed and it reached the next test phase. Lithosphere has started talks with the Turkish government to be part of the testing process. The CBDC will complement the existing payment process currently in place.
“KaJ Laboratories will focus on how interoperability could be achieved between various CBDCs and other DLT platforms, âsaid Joel Kasr, Founder of KaJ Laboratories and the Lithosphere.
Lithosphere will help with Distributed Ledger (DLT) technology for CBDCs, tokenizing bonds and the wholesale payment token using its custom blockchain interoperability solution. The essay will explore the use of both forms of token money to settle bond or bond transactions, which will be issued, settled, and cleared on an authorized blockchain.
The announcement comes amid the Turkey inflation rate which reached 19.58% in Sep 2021. Turkey has been one of the most successful crypto countries, with 20% of the population holding a digital currency. The country is one of the latest to explore cryptocurrency options as a way to address financial development challenges.
CBDCs are gaining popularity among small countries for a number of reasons. A full 40 percent Turkey the population is not banked or has no access to traditional banking services, especially in rural areas. The situation is aggravated by populations unevenly distributed on the islands, as well as by natural disasters which negatively affect a number of services. The risk of adopting CBDCs is also lower than in large countries.
the lithosphere The unique interoperability makes the network particularly attractive for any country wishing to expand its financial options.
KaJ Laboratories also announced that Lithosphere’s native LITHO token is now on additional exchanges which include Azbit and Coinsbit. KaJ Laboratories created the first blockchain technology powered by AI and deep neural networks for smart contracts, combined with its new distributed key management system Myriad (MDKM) for key management.
Lithosphere’s reach and influence is growing rapidly and its unique characteristics make it highly desirable for any country delving into cryptocurrency. The company is already working with several countries and organizations. The innovations developed by KaJ Laboratories have made Lithosphere a preferred choice for flexibility, faster transactions and security across multiple blockchain networks.
Lithosphere is a next-generation platform for decentralized cross-chain applications powered by AI and Deep Learning.
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