Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network – Finance Bitcoin News


The Central Bank of the Republic of Turkey (CBRT) has made the first payment transactions on the trial network of the digital lira. The monetary authority intends to continue with more tests in 2023 and plans to invite banks and fintech companies to join the tests.

Turkey to Widen Participation in Digital Lira Project, Focus on Studying Economic and Legal Aspects

The monetary authority of Turkey has successfully executed the first payment transactions on the Digital Turkish Lira Network, according to announcement Thursday. The operations were carried out as part of studies during the first phase of the central bank digital currency (CBDC) project.

The CBRT also said it will continue to conduct pilot tests with technology stakeholders in the first quarter of next year, on a limited scale and in a closed circuit. The results of these tests will be revealed to the public in a comprehensive evaluation report, he promised.

Also in 2023, the Turkish central bank intends to expand the cooperation platform for the digital lira. Selected banks and financial technology companies will be involved and advanced phases of the pilot study will be revealed to further expand participation, the regulator detailed, elaborating:

In this background, the CBRT will continue to carry out tests for authentic architectural arrangements 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 an examination of the legal aspects of the CBDC showed that “digital identification is very important for the project.” Therefore, the CBRT intends to prioritize studies on the legal and economic framework of the digital lira as well as its technological requirements.

The possible issuance of a “blockchain-based” version of the Turkish lira was first mentioned in the Annual Program of President Recep Erdogan in November 2019. Two years later, the CBRT deepened research on the issue by establishing the Digital Turkish Lira Collaboration Platform to facilitate. the development and testing of the CBDC with technological stakeholders.

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CBDC, CBRT, Central Bank, Central Bank of Turkey, Digital Currency, digital lira, digital Turkish lira, Lira, payment transactions, Payments, Research, Test, Testing, trials, Trial, trials, Turkey, Turkish

Do you think the Central Bank of Turkey will intensify efforts to introduce a digital Turkish lira? Share your expectations in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes the Hitchens quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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