• The Central Bank of the Republic of Turkey (CBRT) has successfully completed the first trial of its digital currency, the Digital Turkish Lira.
• The CBRT will continue to conduct limited, closed circuit pilot tests with technology stakeholders in the first quarter of 2023.
• The results of the tests will be shared with the public in a comprehensive evaluation report before unveiling more of the next phases of the study.
The Central Bank of the Republic of Turkey (CBRT) has announced the successful completion of the first trial of its digital currency, the Digital Turkish Lira. This marks a major milestone in the country’s efforts towards digitalization of its currency.
The CBRT had first announced its plans to explore the benefits of introducing a digital Turkish Lira in September 2021, through a research project called “Central Bank Digital Turkish Lira Research and Development”. Through this, the CBRT has been able to successfully complete its “first payment transactions” using the digital lira.
The CBRT has stated that it will continue to run limited, closed circuit pilot tests with technology stakeholders in the first quarter of 2023, before gradually expanding the scope of the tests. Selected banks and financial technology companies will be included in the tests, with the results of the tests being shared with the public through a “comprehensive evaluation report”.
The CBRT has also announced plans to explore other aspects of the use of a digital Turkish Lira, such as the design of the digital lira, the legal framework to regulate it, and the different methods of payment. This will be done through a series of further tests, with the ultimate goal of digitalizing the country’s currency.
The digitalization of the Turkish lira is part of a larger effort to modernize the country’s financial system and prepare it for the digital age. It is expected that the tests and research conducted by the CBRT will lay the groundwork for the successful implementation of a digital Turkish Lira.