CENTRAL BANK DIGITAL CURRENCIES: IMPLICATIONS FOR THE TURKISH LIRA

Öz

Central Bank Digital Currencies (CBDCs) are digital central bank liabilities, which are different from traditional wholesale settlement and saving accounts. States around the world commenced CBDC projects in response to the rising private digital payment instruments and crypto assets. Especially emerging countries are in danger of being invaded by these new payment providers. In addition, some states moved toward researching CBDCs due to the diminishing cash usage among their citizens. Türkiye is also under threat from those new payment providers. Therefore, the Central Bank of the country started the project of the national CBDC. With this project, Turkish society could be equipped with reliable and practical fiat money which is crucial for preventing citizens to use the new digital payment providers. In addition, high informality in the economy could be minimized by making cash usage obsolete thanks to incentivizing the use of digital central bank money.

Anahtar Kelimeler

• Central bank digital currencies
• Digital Turkish Lira
• informal economy
• cash usage.

Kaynakça

1. Acar, M. (2024). Merkez Bankası Dijital Para Birimlerinin Geleneksel Bankacılık Sistemi Üzerindeki Etkisi. Bankacılık ve Finansal Araştırmalar Dergisi, 11 (1), 54-62.
2. Acar, O., & Öztürk, N. (2021). Paranın Dönüşümünde Yeni Bir Evre: Merkez Bankası Dijital Parası. International Journal of Accounting and Finance Researches, 3(2), 85-104.
3. Amadeo, K. (2022, June 24). U.S. Federal Budget Breakdown. Retrieved from The Balance: https:// www.thebalancemoney.com/u-s-federal-budgetbreakdown-3305789
4. Armstrong, M. (2022, March 18). Mobile payment in Africa is more popular than you may think - here’s why. Retrieved from World Economic Forum: https://www.weforum.org/agenda/2022/03/mobile paymentsafrica-covid-pandemic/
5. Auer, R., Cornelli, G., & Frost, J. (2020). Rise of the central bank digital currencies: drivers, approaches and technologies. BIS.
6. Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., &Shin, H. S. (2021). Central bank digital currencies: motives, economic implications and the research frontier. BIS.
7. Bağır, Y. K., Küçükbayrak, M., & Torun, H. (2021). Declining Labor Market Informality in Turkey: Unregistered Employment and Wage Underreporting. Ankara: The Central Bank of the Republic of Türkiye.
8. Bank of England. (2023, January 30). A brief introduction to RTGS and CHAPS. Retrieved from BankofEngland:https://www.bankofengland.co.uk/-/media/boe/files/payments/rtgs-chaps-brief-intro.pdf

9. Bech, M., & Garatt, R. (2017, September). Central bank cryptocurrencies. BIS Quarterly Review, 55-70.
10. Bergen, M. E., Bergen, T., Levy, D., & Semenov, R. (2022, November 30). 3 Lessons from Hyperinflationary Periods. Retrieved from Harvard Business Review: https://hbr.org/2022/11/3-lessons-fromhyperinflationary- periods
11. Board of the Governors of the Federal Reserve System. (2024, January 28). Central Bank Digital Currency (CBDC). Retrieved from Federal Reserve: https://www.federalreserve.gov/cbdc-faqs.htm
12. Bossu, W., Itatani, M., Margulis, C., Rossi, A., Weenink, H., & Yoshinaga, A. (2020). Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations. IMF.
13. Browning, S., & Evans, J. (2022). Central bank digital currencies. UK Parliament Commons Library.
14. Brugge, J., Denecker, O., Jawaid, H., Kovacs, A., & Shami, I. (2018). Attacking the cost of cash. McKinsey on Payments.
15. Carstens, A. (2021). Central bank digital currencies: putting a big idea into practice. Bank for International Settlements.
16. CBRT. (2024, January 26). Elektronik Fon Transfer Sistemi - Elektronik Menkul Kıymet Transfer Sistemi - Fonların Anlık ve Sürekli Transferi (FAST) Sistemi. Retrieved from CBRT:https://www.tcmb.gov.tr/wps/wcm/con¬nect/TR/TCMB+TR/Main+Menu/Temel+Faaliyetler/Odeme+Sistemleri/Turkiyedeki+Odeme+Sistemleri/Elektronik+Fon+Transfer+%28EFT%29+Sistemi#:~:¬text=Fonlar%C4%B1n%20Anl%C4%B1k%20 ve%20S%C3%BCrekli%20Transferi%20(FAST)%20 Sistemi%2C
17. Christodorescu, M., Gu, W. C., Kumaresan, R., Minaei, M., Özdayı, M., Price, B., . . . Zamani, M. (2020). VISA.
18. Committee on Payments and Market Infrastructures. (2018). Central Bank Digital Currencies. Bank for International Settlements.
19. Çalış, Y. E., Çıtak, N., & Çakır, S. (2022, Ocak-Şubat). Kayıtdışı Ekonomiden Kaynaklanan Vergi Kaybı ve Tespit Etme Yöntemleri. Mali Çözüm Dergisi, 32(169), 35-72.
20. Çevik, S., & Altınel, A. T. (2021, July 27). CASH USAGE HABITS IN TÜRKIYE. Retrieved from The Central Bank of the Republic of Türkiye: https://tcmbblog.org/ wps/wcm/connect/blog/en/main+menu/analyses/ cash+usage+habits+in+turkey
21. Dam, M. M., Ertekin, Ş., & Kızılca, N. (2018). Türkiye’de Kayıt Dışı İstihdamın Boyutu: Ekonometrik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(1), 293 - 318.
22. Davutyan, N. (2008, December). Estimating the size of Turkey’s informal sector: an expenditure-based approach. Journal of Economic Policy Reform, 11(4), 261–271.
23. Deutsche Bank Wealth Management. (2020). Central bank digital currencies: Money reinvented. Deutsche Bank.
24. Didenko, A. N., & Buckley, R. P. (2021). Central Bank Digital Currencies: A Potential Response to the Financial Inclusion Challenges of the Pacific. Asian Development Bank.
25. ECB. (2022, September 28). Progress on the investigation phase of a digital. Retrieved from ECB: https://www. ecb.europa.eu/paym/digital_euro/investigation/governance/shared/files/ecb.degov220929.en.pdfc7289d0032238188c71a4803112ea552
26. Erkuş, H., & Karagöz, K. (2009). Türkiye’de Kayıt Dışı Ekonomi ve Vergi Kaybının Tahmini. Maliye Dergisi(156), 126-140.
27. European Central Bank. (2023, October 18). Eurosystem proceeds to next phase of digital euro project. Retrieved from Europa:https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html
28. Fan, S. (2021). Central bank digital currencies and gold: implications for reserve managers. OMFIF Digital Monetary Institute.
29. Federal Reserve. (2022). Money and Payments: The U.S. Dollar in the Age of Digital Transformation. The Federal Reserve.
30. Financial Stability Board. (2021). G20 Roadmap for Enhancing Cross-border Payments. Financial Stability Board.
31. Gnan, E., & Masciandaro, D. (2018). Do We Need Central Bank Digital Currency: Economics, Technology and Institutions. In E. Gnan, & D. Masciandaro, Do We Need Central Bank Digital Currency: Economics, Technology and Institutions (pp. 8-23). Vienna: SUERF.
32. Group of Central Banks. (2020). Central bank digital currencies: foundational principles and core features. BIS.
33. IMF Staff Report. (2020). Digital Money Across Borders: Macro-Financial Implications. IMF.
34. Kara, H., Yapan, S., & Mutlu, S. (2023). Merkez Bankası Dijital Para Birimlerine Global Bir Bakış Açısı. Sakarya İktisat Dergisi, 12(3), 370-383.
35. Kiff, J. (2022, September). Taking the Digital Currencies Offline. Retrieved from IMF: https://www.imf.org/ en/Publications/fandd/issues/2022/09/kiff-takingdigital- currencies-offline
36. Kosse, A., & Mattei, I. (2022). Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies. BIS.
37. Küçükkıralı, Z., & Eser Afşar, K. (2022). Türkiye’de Merkez Bankası Dijital Parasının Potansiyel Etkileri: SWOT Analiziyle Bir Değerlendirme. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(48), 142-158.
38. Labonte, M., & Nelson, R. M. (2022). Central Bank Digital Currencies: Policy Issues. US Congressional Research Service.
39. Landau, J.-P. (2021). Central bank digital currencies and financial stability. The Third Conference on Financial Stability (pp. 11-19). Banco de España and CEMFI.
40. Lis, S. F., & Gouveia, O. (2019). Central Bank digital currencies: features, options, pros and cons. BBVA Research.
41. Maryaningsih, N., Nazara, S., Kacaribu, F. N., & Juhro, S. M. (2022). Central Bank Digital Currency: What Factors Determine Its Adoption. Bulletin for Monetary Economics and Banking, 25(1), 1-24.
42. Meriç, M., & Günay, A. (2004). Türkiye’de Vergi Kayıp ve Kaçaklarının Bütçe Gelirleri Üzerindeki Etkisi. 19. Türkiye Maliye Sempozyumu (pp. 908-930). Antalya: Uludağ Üniversitesi.
43. MoneyTransfers. (2022, November 21). 22 Mobile Payment Statistics Detailing the Industry’s Growth. Retrieved from MoneyTransfers: https://moneytransfers.com/news/content/mobile-payment-statistics
44. MYNET Haber. (2021, July 29). Merkez Bankası’ndan dijital para açıklaması: Eylül ayında başlıyoruz! Retrieved from MYNET Haber: https://finans.mynet.com/haber/detay/kripto-para/son-dakika-merkezbankasi-ndan-dijital-para-aciklamasi-eylul-ayindabasliyoruz/ 424574/
45. Norges Bank. (2018). Central bank digital currencies. Norges Bank.
46. Norges Bank. (2019). Central bank digital currencies. Norges Bank.
47. Özbay, B. (2020). Türkiye’de Çocuk, Kadın ve Göçmenlerin Kayıt Dışı İstihdamı. Atlas Sosyal Bilimler Dergisi, 1(5), 1-6.
48. Savaşan, F., & Odabaş, H. (2005). Türkiye’de Vergi Kayıp ve Kaçaklarının Nedenleri Üzerine Ampirik Bir Çalışma. Sosyal Ekonomik Araştırmalar Dergisi, 5(10), 1-28.
49. Sayıştay. (2021). Türkiye Cumhuriyet Merkez Bankası Mali Tabloları. Ankara: Sayıştay.
50. Strategy. (2021, Nisan 29). Ödemeler Artık Daha Nakitsiz. Retrieved from Fintechistanbul: https:// fintechistanbul.org/wp-content/uploads/2021/05/Strategy-Odemeler-artik-daha-nakitsiz.pdf
51. Sveriges Riksbank . (2023, December 19). E-krona. Retrieved from Sveriges Riksbank: https://www.riksbank.se/en-gb/payments--cash/e-krona/
52. T.C. Cumhurbaşkanlığı Finans Ofisi. (2021). Türkiye Hanehalkı Finansal Algı ve Tutum Araştırması. Ankara: T.C. Cumhurbaşkanlığı Finans Ofisi.
53. Tabar, Ç. (2021). Negatif Dışsallıkların İçselleştirilmesinde Plastik Poşet Vergisi: Türkiye’de Ücretli Poşet Uygulamasının Değerlendirilmesi. Mali Çözüm Dergisi, 31(165), 167-186.
54. Taşçı, E. (2020, April 28). Türkiye Nüfusunun Yüzde 77’si Akıllı Telefon Kullanıyor. Retrieved from İstanbul Üniversitesi: https://www.istanbul.edu.tr/tr/haber/turkiye-nufusunun-yuzde-77si-akilli-telefonkullaniyor- 67006B00640038004B0076003000310059002D00440039007900700046006200610041004F003200370077003200
55. TBMM. (2022, June 28). 2021 Yılı Merkezi Yönetim Kesin Hesap Kanunu Teklifi. TBMM Başkanlığı. Ankara.
56. TCMB. (2021, September 15). Merkez Bankası Dijital Türk Lirası Ar-Ge Projesi Hakkında Basın Duyurusu. Retrieved from TCMB: https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2021/DUY2021-40
57. TCMB. (2021). Yıllık Faaliyet Raporu. Ankara: TCMB.
58. TCMB. (2022, December 29). Dijital Türk Lirası Kullanımına İlişkin Basın Duyurusu. Retrieved from TCMB: https:// www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/ Main+Menu/Duyurular/Basin/2022/DUY2022-55
59. The Federal Reserve. (2022). 2022 Currency Budget. Washington, USA: The Federal Reserve.
60. The Office of Science and Technology Policy. (2022). Technical Evaluation for a U.S. Central Bank Digital Currency System. Washington / USA: The White House.
61. Toraman, Y. (2022). Dijital Türk Lirasının (DTL) Kullanım Kabulü: Teknoloji Kabul Modeli (TKM) ve Planlı Davranış Teorisi (PDT) Çerçevesinde İncelenmesi. Sosyoekonomi, 30(54), 357-376.
62. Turkish Statistical Institute. (2021). The ratio of persons who are not registered to social security institution due to main job . Ankara, Türkiye: Turkish Statistical Institute.
63. Turkish Statistical Institute. (2022). Survey on Information and Communication Technology (ICT) Usage in Households and by Individuals, 2022. Ankara, Türkiye: Turkish Statistical Institute.
64. Ünlü, A., Künç, S., Tutgun, S., & Çelik, S. (2023). Merkez Bankalarının Dijital Para İhracı: TCMB Örneği. Akademik Yaklaşımlar Dergisi, 14(1), 1-27.
65. Visa. (2022). The art of public money: Policy considerations for central bank digital currencies. Visa Economic Empowerment Institute.
66. Ward, O., & Rochemont, S. (2019). Understanding Central Bank Digital Currencies. Institute and Faculty of Actuaries.
67. World Bank Group. (2021). Central Bank Digital Currencies for Cross Border Payments. World Bank.
68. Yurdakul, F. (2008). Türkiye’de Kayıtdışı Ekonomi: Bir Model Denemesi. Ankara Üniversitesi SBF Dergisi, 63(4), 205 - 221.