Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye

Year 2024, Volume: 10 Issue: 1, 62 - 74, 31.05.2024

Dila Asfuroğlu

https://doi.org/10.30613/curesosc.1386985

Abstract

Central banks have historically been using traditional channels for communication and physical money for transactions, fulfilling the needs of previous millennia, while the evolution of technology, electronic devices, and needs in transactions necessitate the use of modern communication channels, such as X (formerly known as Twitter), as well as modern payment systems, such as central bank digital currencies (CBDC). Hence, this paper aims to unfold where the Central Bank of the Republic of Türkiye (CBRT), as an example of emerging markets, stands in informing the public about CBDC. To this end, it conducts an event study on the official X account of CBRT in English over 10.2020-12.2022 by utilizing Nvivo. The findings of the quantitative analysis of the tweets show that CBRT does not regard X as a primary communication channel and mainly shares links to publications from the official websites in X. Also, CBRT tends to adopt a ‘cold-turkey’ informative approach about CBDC with the public rather than ‘gradualism’. Consequently, CBRT should rigorously design a communication strategy that fulfills the needs of the modern economy and start addressing CBDC to raise awareness if a quick transition to digital currency is targeted.

Keywords

Central Bank Digital Currency, Knowledge Management, Emerging Market Economies, Social Media, Türkiye

Gelişmekte Olan Piyasa Ekonomisinde Merkez Bankası Dijital Para Birimi: Türkiye Cumhuriyet Merkez Bankası Örneği

Abstract

Merkez bankaları geçmişte iletişim için geleneksel kanalları ve işlemler için fiziksel para kullanarak, binlerce önceki yılın ihtiyaçlarını karşılamışken, teknolojinin, elektronik cihazların ve işlemlerde ihtiyaçların evrimleşmesi, X (eski adıyla Twitter) gibi modern iletişim kanallarının yanı sıra merkez bankası dijital para birimleri (MBDPB) gibi modern ödeme sistemlerinin kullanılmasını gerektirmiştir. Bu anlamda, bu makale, gelişmekte olan piyasa ekonomilerinin bir örneği olarak Türkiye Cumhuriyet Merkez Bankası'nın (TCMB), kamuoyunu MBDPB hakkında bilgilendirmede bulunduğu noktayı ortaya çıkarmayı amaçlamaktadır. Bu amaçla, Nvivo kullanarak 10.2020-12.2022 tarihleri arasında TCMB'nin İngilizce resmi X hesabı hakkında bir olay çalışması yürütmektedir. Tweetlerin nicel analizinin bulguları, TCMB'nin, X'i birincil iletişim kanalı olarak görmediğini ve X'de genellikle resmi web sitelerinde bulunan yayınlara dair bağlantılar paylaştığını göstermektedir. Buna ek olarak, TCMB, MBDPB hakkında kamuoyunu bilgilendirmede “tedricilikten” ziyade “soğuk hindi” yaklaşımını kullanma eğilimindedir. Sonuç olarak, TCMB, modern ekonominin ihtiyaçlarını karşılayan bir iletişim stratejisini dikkatli bir şekilde tasarlamalı ve eğer dijital para birimine hızlı bir geçiş hedefliyorsa, MBDPB hakkında farkındalık yaratmak için bundan bahsetmeye başlamalıdır.

Keywords

Merkez Bankası Dijital Para Birimi, Bilgi Yönetimi, Gelişmekte Olan Piyasa Ekonomileri, Sosyal Medya, Türkiye

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