The Central Bank This is Turkey (CBRT) has successfully performed the first payment transactions on the digital Turkish Lira testnet. The monetary regulator intends to continue testing in 2023 and invites banks and fintech companies to participate.
Turkey To Expand Involvement In Digital Lira Project, Focusing On the Analysis Of Economic And Legal Aspects
The Central Bank This is Turkey announced Thursday that the first payment transaction on the Turkish Lira Digital Network has been successfully completed. The operations were conducted as part of the first phase of the central bank digital currency (CBDC) project.
CBRT said that it will continue to conduct pilot tests with technology stakeholders during the first quarter of next year, but these will be limited and within closed-loop environments. The results of these tests will be published in an evaluation report.
In addition, in 2023, the central bank will broaden the collaboration platform to support the digital currency. Banks and fintech companies will be invited to join the advanced stages of this pilot study in order to increase participation and improve the project, the regulator explained.
In this context, the CBRT will continue testing authentic architectural configurations in areas such as the integration of distributed ledger technology with instant payment systems and the use of these technologies in payment systems.
The bank highlighted that research into the legal aspects of the CBDC has revealed that “digital identification is a critical factor for the project.” Therefore, the CBRT will give priority to studies on the legal and economic aspects of the digital lira, as well as its technological needs.
The first mention of the possibility of issuing a “blockchain-based” version of the Turkish lira was made in President Recep Erdogan’s Annual Program in November 2019. Two years later, the CBRT continued the investigation and established the Turkish Lira Digital Collaboration Platform to facilitate the development and testing of the CBDC with technology stakeholders.
What do you think about the CBRT intensifying their efforts to create a digital environment for the Turkish lira? Share your thoughts in the comments below.
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