Turkey’s central bank reports first payment transactions on digital lira network.
The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials.Turkey’s monetary authority has successfully carried out the first payment transactions on the Digital Turkish Lira Network, according to anon Thursday. The operations were executed as part of studies during the first phase of the central bank digital currency project.
The CBRT also said it will continue to perform pilot tests with technology stakeholders in the first quarter of next year, on a limited scale and in a closed-circuit environment. The findings from these tests will be revealed to the public in a comprehensive evaluation report, it promised. Also in 2023, the Turkish central bank intends to expand the collaboration platform for the digital lira. Selected banks and financial technology companies will be involved and advanced phases of the pilot study unveiled to further widen participation, the regulator detailed, elaborating:
Against this backdrop, the CBRT will continue to run tests for authentic architectural setups 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 examination of the legal aspects of the CBDC has shown that “digital identification is of critical importance for the project.” For this reason, the CBRT intends to prioritize studies on the legal and economic framework of the digital lira as well as its technological requirements.
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