The Turkish central bank is expanding research and preparing the test of the digital lira on a new platform -
The Turkish central bank is expanding research and preparing the test of the digital lira on a new platform -
The Turkish Central Bank has set up a new platform together with technology players to advance the development of a digitized version of the national Fiat currency. The new cooperation will enable Turkey to focus on the expansion of research and the implementation of tests of future digital Lira.
Türkiye sets up digital lira collaboration platform
The central bank of the Republic of Türkiye ( CBRT ) has agreements with two defense and technology companies, Aselsan and Havelsan Technology Council of Türkiye and the Research Center for Computer Science and Information Safety through the cooperation in the project of the digital Lira, the state agency Anadolu and Daily Sabah reported
According to the signed declarations of intent, the partners start a "digital Turkish Lira collaboration platform" in order to facilitate research, development and testing the new currency, the bank said in a statement. The efforts will focus on examining the potential advantages of introducing a digital lira to supplement the existing payment infrastructure of Türkiye, but a final decision about their issue is still pending.
Truthahn announced his intentions, the question of characterizing a digital central bank currency ( CBDC ) at the end of 2019, when the project found a place in the annual presidential program of Recep Tayyip Erdogan. The document expressly pointed out that the coin is created as a "blockchain-based digital currency" and the tests should begin in 2020.
First results of the pilot study will be published next year
The country's currency authority said that the process that began with the completion of the Proof-of-Concept phase is now transferred to the next phase in which the new participants are included. In the initial phase of the new study, the CBRT plans to develop a prototype of the "digital Turkish Lira network" and carry out limited, closed tests with the help of the technology actors. The bank stated:
The Turkish Central Bank added that it is planning to carry out experiments that aim to cover the project of the digital lira in areas such as the implementation of blockchain technology, the development of payment systems based on the LEDGER and the integration with instant-payment systems.
The results of the first phase of the current pilot project will be announced in 2022, the regulatory authority said. After the participants of the Digital Turkish Lira Collaboration platform have completed their evaluation of various technological and architectural alternatives, the authorities will decide whether existing technologies "meet the economic, legal and financial requirements of digital Turkish Lira," said the CBRT.
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