In 2023, the Central Bank of Turkey is set to continue testing and studying Digital Turkish Lira.
The Central Bank of the Republic of Turkey (CBRT), an institution responsible for monetary and exchange rate policies in the country, has completed its first set of tests for its central bank digital currency (CBDC).
According to the press release shared on December 29th, the CBRT reportedly completed its first payment transaction using Digital Turkish Lira.
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In the press release, CBRT claims that it will continue running “limited, closed-circuit pilot tests” in the first quarter of 2023. After completing these pilots, CBRT promised to share a “comprehensive evaluation report” with the public.
Nevertheless, in the new year, the Central Bank of the Republic of Turkey is planning to grow the Digital Turkish Lira Collaboration Platform by involving a number of selected banks and financial technology companies. CBRT believes that the involvement of new participants will unveil further pilot stages.
On top of that, CBRT highlighted that it will continue to conduct experiments for “authentic architectural setups.”
Against this backdrop, the CBRT will continue to run tests for authentic architectural setups 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 Central Bank of Turkey stated that it understands the importance of digital identification. Therefore, in 2023, it will focus on conducting studies on the “economic and legal framework <...> as well as technological requirement” of the Digital Turkish Lira.
The Central Bank of Turkey first started exploring the idea of the Digital Turkish Lira in September 2021. At that time, the project was called “Central Bank Digital Turkish Lira Research and Development,” which aimed to explore the benefits of launching the digital Turkish Lira.
It is worth noting that many central banks are researching and developing their digital currencies (CBDC). At the end of November, Japan’s central bank announced that it is looking to launch a CBDC pilot with the country's megabanks. On the other hand, the Reserve Bank of India is launching a CBDC pilot for a wholesale segment.