{"id":285126,"date":"2022-12-30T06:00:56","date_gmt":"2022-12-30T06:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=285126"},"modified":"2022-12-30T00:20:27","modified_gmt":"2022-12-30T00:20:27","slug":"turkey-completes-first-digital-lira-transactions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/turkey-completes-first-digital-lira-transactions\/","title":{"rendered":"Turkey completes first digital lira transactions"},"content":{"rendered":"

Turkey's national bank announced in a Dec. 29<\/a> press release that it has successfully carried out the first transactions involving its digital lira.<\/p>\n

The Central Bank of the Republic of Turkey (CBRT) said that it will continue to run “limited, closed-circuit pilot tests” for the digital lira throughout the first quarter of 2023. The results will be shared with the public in a comprehensive evaluation report.<\/p>\n

Because the digital lira is being developed by the country's central bank, it can be considered a central bank digital currency, or CBDC.<\/p>\n

Today's announcement did not comment on whether the CBDC relies on blockchain, distributed ledger technology (DLT), or related technologies.<\/p>\n

However, it appears that the digital lira does indeed involve blockchain. Turkey's central bank said in September<\/a> that its digital lira could be diversified “into areas such as blockchain technology [and] the use of distributed ledgers in payment systems.”<\/p>\n

In October, the central bank said in a budget announcement that it would create a “blockchain-based digital central bank money” \u2014 a statement that explicitly confirms that the digital lira relies on blockchain technology in some form.<\/p>\n

The digital lira will also be integrated with non-blockchain services, including digital identity tools and Turkey's Instant and Continuous Transfer of Funds (FAST) System.<\/p>\n

Despite Turkey's apparent interest in developing a CBDC, the country has imposed strict regulations on cryptocurrency and public blockchains. In 2021<\/a>, the country banned the use of cryptocurrencies for payments. It also introduced regulations requiring crypto companies to store extensive, long-term KYC data on users.<\/p>\n

The country also introduced\u00a0other draft laws<\/a> concerning crypto this summer and has carried out numerous arrests<\/a> and confiscations<\/a> in recent months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Turkey’s national bank announced in a Dec. 29 press release that it has successfully carried out the first transactions involving its digital lira. The Central Bank of the Republic of Turkey (CBRT) said that it will continue to run “limited, closed-circuit pilot tests” for the digital lira throughout the first quarter of 2023. The results […]<\/p>\n","protected":false},"author":1403,"featured_media":285144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nTurkey completes first digital lira transactions<\/title>\n<meta name=\"description\" content=\"Turkey's national bank announced on a Dec. 29 that the first transactions involving its digital lira have been successfully completed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/turkey-completes-first-digital-lira-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkey completes first digital lira transactions\" \/>\n<meta property=\"og:description\" content=\"Turkey's national bank announced on a Dec. 29 that the first transactions involving its digital lira have been successfully completed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/turkey-completes-first-digital-lira-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-30T06:00:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-30T00:20:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/turkey-digital-lira.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/turkey-completes-first-digital-lira-transactions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/turkey-completes-first-digital-lira-transactions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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