The Turkish central bank has successfully completed its first payment trials using its Digital Turkish Lira CBDC, with plans to push forward with more pilots in 2023.
in Sept. 2021 in a research project called “Central Bank Digital Turkish Lira Research and Development.”
At the time, the government made no commitment to the ultimate digitalization of the country’s currency, noting it had “made no final decision regarding the issuance of the digital Turkish lira.” In its most recent statement, the CBRT said it will continue testing the use of distributed ledger technologies in payment systems and their “integration” with instant payment systems.
It will also prioritize studying the legal aspects around the digital Turkish Lira, such as the “economic” and “legal framework” around digital identification, along with its technological requirements.Several countries, including the United Kingdom and Kazakhstan, have recently begun piloting central bank digital currencies.
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