3 months ago 1 min read

Turkey Completes First Digital Lira Payment Transactions


The first test transactions using the digital lira (CBDC) were successfully completed in Turkey as part of a pilot project at the end of 2022. The neighborhood regulator intends to concentrate on creating a legal framework and technology advancements for additional tests in 2023.

The initial trials of the digital lira were finished by the Central Bank of the Republic of Turkey (CBRT). Payment exchanges with the CBDC went smoothly, and the regulator laid out plans for creating the state's digital currency in 2023.

In Q1 2023, the CBRT will begin a small-scale pilot test involving stakeholders and technological partners. The project will then welcome private financial technology firms and commercial banks, who will test CBDC with fast payment systems.

Before continuing with the further creation and testing of the digital lira, bank officials also want to release a "full evaluation report" to the public.

The study and development of the legal aspects of CBDC use in the nation will be prioritized in 2023. The CBRT intends to pay close attention to the technological requirements for the digital identification capability to function well in the digital lira project.

Even if digital assets are becoming more and more popular in Turkey, the government decided not to issue the digital lira at the time the Turkish CBDC's pilot project was announced in September 2021.

In 2022, at least 90% of the world's central banks were working to create state digital currencies. A unique piece on the accomplishments of many nations and international organizations in the development of CBDC in 2022 was prepared by CP Media.

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