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Turkey counts first successful CBDC transaction

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The Republic of Turkey on Thursday recorded its first successful payment transaction using the digital currency; the Turkish Digital Lira. The central bank of the Republic of Turkey led the first-phase studies of the Digital Turkish Lira Project and executed the first payment transactions on the Digital Turkish Lira Network.

In the first quarter of 2023, the CBRT will further the pilot test on the Turkish digital lira with technology stakeholders and share the evaluation report with the public after the test. The test is a limited, closed-circuit test. 

According to the report, the 2023 test will imply an advanced stage of the pilot test, with broader involvement and participation. “In 2023, the CBRT will expand the Digital Turkish Lira Collaboration Platform to involve selected banks and financial technology companies,” the report said. 

The Central Bank of the Republic of Turkey will take steps forward in the study looking at areas of Blockchain technology for payments. “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 report mentioned. 

In the study, the CBRT will as well cover the legal aspects of their digital currency. It means that the economic framework of the Digital Turkish Lira (DTL) will become a priority in 2023, including the technological requirements. In line with this, the report stated that “studies on the legal aspects of the Digital Turkish Lira demonstrate that digital identification is of critical importance for the project.”

Moreso, the Turkish Presidential Strategy and Budget Directorate presented in October, stating the annual program for 2023 mentioned “the discussion of a CBDC that would be integrated with digital identity and FAST, a payment system operated by the Turkish central bank.”

Read also; 

CBDC: China rolls out a new plan to drive mass adoption  

Increased interest rates & their effect on the cryptocurrency industry

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