Breaking news! Digital Lira Announcement from CBRT!

While the discussions on the digital dollar and digital euro continue, a move came from Turkey. The Central Bank of the Republic of Turkey announced the establishment of the “Digital Turkish Lira Cooperation Platform”.

TCMBC announced that it has signed a memorandum of understanding with Aselsan, Havelsan and Tübitak-Bilgem for the development process and trial studies of the digital lira.

The following statements were used in the statement:

“The Central Bank of the Republic of Turkey (CBRT) continues to explore the potential contributions of the digital Turkish lira circulation as a complement to the existing payments infrastructure. The process, which started with the completion of the proof of concept work within the scope of the Central Bank Digital Turkish Lira Research and Development (R&D) project, is being carried to the next stage with the participation of technology stakeholders.

The technological research, development and testing processes of the Central Bank Digital Turkish Lira R&D project will be carried out in close cooperation with the participation of technology stakeholders. In this direction, the Central Bank; ASELSAN signed bilateral memorandums of understanding with HAVELSAN and TÜBİTAK-BİLGEM and created a “Digital Turkish Lira Cooperation Platform”. In the light of the findings of the first phase, where the preliminary tests of strategic and critical technologies related to the project will be conducted, it is planned to expand the platform with new participations.

Within the scope of the first phase pilot implementation studies, a prototype “Digital Turkish Lira Network” will be established at the CBRT and narrow-scope and closed-circuit pilot implementation tests will be carried out with technology stakeholders. In line with the results obtained, further phases will be initiated where more widespread and broad participation pilot tests will be carried out. It is also planned to carry out tests that may require diversity within the scope of the Digital Turkish Lira R&D project on topics such as blockchain technology, use of distributed structures in payment systems, integration with instant payment systems.

There is no final decision taken by the CBRT regarding the circulation of the digital Turkish lira. All studies are carried out on the principles of experimental R&D activities. After the capacity measurements of different technological alternatives are completed and the architectural setups are finalized, it is aimed to determine whether the existing technologies can meet the economic, legal and financial requirements of the digital Turkish lira.”

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