The Central Bank of the Republic of Turkey (CBRT) has completed its first trial of the Digital Turkish Lira, its central bank digital currency (CBDC), and plans to conduct more trials in 2023.
The CBRT announced on December 29 that it successfully carried out payment transactions using the digital lira.
The CBRT stated:
“In the scope of the first-phase studies of the Digital Turkish Lira Project, conducted under the leadership of the Central Bank of the Republic of Türkiye (CBRT), the first payment transactions on the Digital Turkish Lira Network were executed successfully. The CBRT will continue to run the limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023.”
The CBRT will continue to conduct small-scale, closed-circuit pilot testing with technology partners in the first quarter of 2023 before expanding to include specific banks and fintech companies in the second half of the year.
The CBRT stated that it will release a comprehensive evaluation report of the findings from these tests and will announce further details about the subsequent phases of the project, which will expand participation.
In September 2021, the Turkish National Bank announced it was exploring the benefits of introducing a computerized Turkish Lira in a project called National Bank Computerized Turkish Lira Innovative Work.
While no final decisions have been made about the issuance of the computerized Turkish lira, the public authority committed to fully digitizing the country’s currency.
Countries that have launched CBDCs include The Bahamas, Nigeria, Eastern Caribbean Currency Union (Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines).
Countries testing CBDCs in pilot projects include; Sweden, China, Brazil, Jamaica, Ukraine, Russia, Thailand, Malaysia, South Korea, the United Arab Emirates, and Saudi Arabia.
Countries and regions where CBDCs are in development include; India, Eurozone, and the United States.
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