Araştırma Makalesi

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

Cilt: 10 Sayı: 1 31 Mayıs 2024
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Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye

Öz

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.

Anahtar Kelimeler

Kaynakça

  1. Agur, I., Ari, A., & Dell’Ariccia, G. (2019). Designing central bank digital currencies. IMF Working Papers, No. 19/252. https://www.imf.org/en/Publications/WP/Issues/2019/11/18/Designing-Central-Bank-Digital-Currencies-48739
  2. Ahmat, N., & Bashir, S. (2017). Central bank digital currency: A monetary policy perspective. Bank Negara Malaysia Staff Insights, 2017/11, September. https://www.bnm.gov.my/documents/20124/826874/CB_Digital+Currency_Print.pdf
  3. Ali, R., & Narula, N. (2020). Redesigning digital money: What can we learn from a decade of cryptocurrencies?. MIT DCI Working Papers, January. https://static1.squarespace.com/static/59aae5e9a803bb10bedeb03e/t/5e28b4bca9d3422148400c95/1579726012763/Redesigning+digital+money_++What+can+we+learn+from+a+decade+of+cryptocurrencies_%281%29.pdf
  4. Auer, R., Cornelli, G., & Frost, J. (2020). Rise of the central bank digital currencies: Drivers, approaches and technologies. BIS Working Papers, No. 880. https://www.bis.org/publ/work880.pdf.
  5. Bank of Canada. (2017). Project Jasper primer. January. https://www.bankofcanada.ca/research/digital-currencies-and-fintech/projects/
  6. Barontini, C., & Holden, H. (2019). Proceeding with caution – a survey on central bank digital currency. BIS Papers, No. 101. https://www.bis.org/publ/bppdf/bispap101.pdf
  7. Barrdear, J., & Kumhof, M. (2016). The macroeconomics of central bank issued digital currencies. Bank of England Staff Working Paper, No. 605, July. https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2016/the-macroeconomics-of-central-bank-issued-digital-currencies.pdf?la=en&hash=341B602838707E5D6FC26884588C912A721B1DC1
  8. Begazo, T., & Nyman, S. (2016). How competition affects the distribution of welfare, competition and poverty. World Bank Group, Note No. 350. https://documents1.worldbank.org/curated/en/662481468180536669/pdf/104736-REPF-Competition-and-Poverty.pdf

Ayrıntılar

Birincil Dil

İngilizce

Konular

Para Politikası

Bölüm

Araştırma Makalesi

Erken Görünüm Tarihi

31 Mayıs 2024

Yayımlanma Tarihi

31 Mayıs 2024

Gönderilme Tarihi

6 Kasım 2023

Kabul Tarihi

20 Mart 2024

Yayımlandığı Sayı

Yıl 2024 Cilt: 10 Sayı: 1

Kaynak Göster

APA
Asfuroğlu, D. (2024). Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye. Current Research in Social Sciences, 10(1), 62-74. https://doi.org/10.30613/curesosc.1386985
AMA
1.Asfuroğlu D. Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye. Curr Res Soc Sci. 2024;10(1):62-74. doi:10.30613/curesosc.1386985
Chicago
Asfuroğlu, Dila. 2024. “Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye”. Current Research in Social Sciences 10 (1): 62-74. https://doi.org/10.30613/curesosc.1386985.
EndNote
Asfuroğlu D (01 Mayıs 2024) Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye. Current Research in Social Sciences 10 1 62–74.
IEEE
[1]D. Asfuroğlu, “Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye”, Curr Res Soc Sci, c. 10, sy 1, ss. 62–74, May. 2024, doi: 10.30613/curesosc.1386985.
ISNAD
Asfuroğlu, Dila. “Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye”. Current Research in Social Sciences 10/1 (01 Mayıs 2024): 62-74. https://doi.org/10.30613/curesosc.1386985.
JAMA
1.Asfuroğlu D. Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye. Curr Res Soc Sci. 2024;10:62–74.
MLA
Asfuroğlu, Dila. “Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye”. Current Research in Social Sciences, c. 10, sy 1, Mayıs 2024, ss. 62-74, doi:10.30613/curesosc.1386985.
Vancouver
1.Dila Asfuroğlu. Central Bank Digital Currency in an Emerging Market Economy: Case of the Central Bank of the Republic of Türkiye. Curr Res Soc Sci. 01 Mayıs 2024;10(1):62-74. doi:10.30613/curesosc.1386985

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