Central Bank of the Republic of Turkey (CBRT) Digital lira test You have made your first payment transaction on the network. Monetary authorities plan to push more tests forward in 2023 and will invite banks and fintech companies to participate.
Turkey expands participation in digital lira project, focusing on research on economic and legal aspects
You have successfully completed your first payment transaction. On Thursdayannouncement. The operation was carried out as part of a study in Phase 1 of the Central Bank Digital Currency (CBDC) project.
CBRT also said it will continue conducting pilot tests with technical personnel in a closed-circuit environment on a limited scale in the first quarter of next year. The results of these tests are promised to be made available to the public in a comprehensive evaluation report.
Also in 2023, the Central Bank of Turkey plans to expand its digital lira collaboration platform. An advanced stage of pilot research has been unveiled to further expand participation, involving selected banks and financial technology companies, detailed by the regulator as follows:
Architectural settings designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.
The bank also emphasized that a study of the legal aspects of CBDC showed that “digital identities are very important to the project.” For this reason, the CBRT will prioritize research on the legal and economic framework of the digital lira and its technical requirements.
The potential issuance of a “blockchain-based” version of the Turkish Lira was first mentioned by Recep in his President Erdogan’s annual program in November 2019. Two years later, CBRT launched a Turkish lira collaboration platform to facilitate the development and testing of his CBDC with digital technology stakeholders.
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