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Turkish Central Bank Runs First CBDC Tests
The monetary authority said it will conduct further trials in the first quarter.
By Alp Börü
Updated Dec 29, 2022, 6:33 p.m. Published Dec 29, 2022, 4:17 p.m.
This article is adapted from CoinDesk Turkiye. Follow CoinDesk Turkiye on Twitter.
The Central Bank of Turkey (CBRT) has conducted the first tests of its Turkish digital lira.
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According to a statement released on Thursday, the CBRT successfully carried out the first payment transactions on its central bank digital currency (CBDC) network as part of an initial test phase.
“In the first quarter of 2023, the CBRT will continue its small-scale, closed-loop application pilot tests conducted with technological stakeholders. The test results will be made public in a comprehensive evaluation report,” the bank said in the statement.
In 2023, the Turkish digital lira will move to advanced stages where the central bank will conduct pilot tests with broad participation, including banks and financial technology companies, the CBRT added.
“Studies on the legal dimension of the digital Turkish lira show that digital identification is of vital importance for the project. Therefore, studies on the technological requirements and the economic and legal framework of the digital Turkish lira will be prioritized throughout 2023,” the bank stated.
In October, the Turkish Presidential Strategy and Budget Directorate presented an annual program for 2023 that included the discussion of a CBDC that would be integrated with digital identity and FAST, a payment system operated by the Turkish central bank.
Read more: 'Basically a Savior': Why Crypto Is So Popular in Turkey
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