Türkiye's central bank reports the first payment transactions in the digital Lira network-Finance

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Central Bank of Türkiye reports the first payment transactions in the digital Lira network

The central bank of the Republic of Türkiye (CBRT) carried out the first payment transactions in the test network of the digital Lira. The currency authority intends to continue and plan to continue with further tests in 2023 to participate in the tests.

Turkey expands participation in the digital lira project and focuses on studying economic and legal aspects

The Turkish currency authority successfully carried out according to a first payment transaction in the digital turkish lira network Announcement on Thursday. The operations were carried out as part of studies during the first phase of the project to the digital currency of the central bank (CBDC).

The CBRT also said that in the first quarter of the next year it would continue to carry out pilot tests with technology stakeholders to a limited extent and in a closed environment. The results of these tests are disclosed to the public in a comprehensive evaluation report.

In 2023, the Turkish Central Bank wants to expand the collaboration platform for the digital lira. Selected banks and financial technology companies are included and advanced phases of the pilot study to further expand participation, the regulatory authority stated in detail and stated:

Against this background, the CBRT will continue to carry out tests for authentic architectural configurations that have been developed in areas such as the use of distributed LEDGER technologies in payment systems and the integration of these technologies with immediate payment systems.

The bank also emphasized that the examination of the legal aspects of the CBDC showed that "digital identification is of crucial importance for the project". For this reason, the CBRT intends to prioritize studies on the legal and economic framework of the digital lira and its technological requirements.

The potential edition of a "Blockchain-based" version of the Turkish Lira was the first in the annual program of President RECEP Erdogan in November 2019. Two years later, the CBRT in the matter through the establishment of the Digital Turkish Lira Collaboration Platform to facilitate the development and testing of the CBDC with technology stakeholders.

Do you believe that the Turkish Central Bank will strengthen its efforts to introduce a digital Turkish lira? Share your expectations in the comment area below.

lubomir Taskensev

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.


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