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) has created the Digital Turkish Lira Collaboration Platform and has been testing the platform for some time. It expects to release results in 2022 when testing is fully completed. 

The Central Bank of the Republic of Turkey collaborated and signed agreements with numerous agencies to develop a prototype Digital Turkish Lira Network. Limited closed-circuit testing was conducted and it has reached the next testing phase. Lithosphere has initiated talks with the Turkish government to be apart of the testing process. The CBDC will complement the existing payment process currently in place.

“KaJ Labs will focus on how interoperability could be achieved between various CBDCs and other DLT platforms,” said Joel Kasr, founder of KaJ Labs and Lithosphere.

Lithosphere will assist with distributed ledger technology (DLT) for CBDCs, tokenizing the bonds and the wholesale payment token using its custom blockchain interoperability solution. The trial will explore using both forms of tokenized money to settle debenture or bond transactions, which will be issued, settled, and cleared on a permissioned blockchain.

CBDCs are growing in popularity among smaller countries for a number of reasons. A full 40 percent of Turkey’s population is unbanked or don’t have access to traditional banking services, especially in rural areas. The situation is compounded by unevenly distributed populations on islands, along with natural disasters that adversely affect any number of services. The risk of adopting CBDCs is also lower than larger countries.

Lithosphere’s unique interoperability makes the network especially attractive for any country that wishes to expand its financial options.

KaJ Labs also announced that Lithosphere’s native token LITHO is now on additional exchanges that includes Azbit and Coinsbit. KaJ Labs has created the first blockchain technology to be powered by AI and Deep Neural Networks for smart contracts, combined with its novel Myriad Distributed Key Management (MDKM) scheme for key management.

Lithosphere’s reach and influence is expanding rapidly and its unique features makes it highly desirable for any country delving into cryptocurrency. The company is already working with multiple countries and organizations. The innovations pioneered by KaJ Labs have made Lithosphere a preferred choice for flexibility, faster transactions and security across multiple blockchain networks.

For more information, visit Lithosphere’s website and join our community.

Lithosphere website: https://lithosphere.network/

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