Date Announced for Digital Lira!

Last April, the regulation on the use of cryptocurrencies in payments was published in the official gazette and entered into force.

After the ban on the use of cryptocurrencies as an indirect or direct payment instrument, the digital lira started to be talked about in Turkey, in the face of the efforts of all countries to issue their own digital currency.

CBRT Chairman Şahap Kavcıoğlu stated in the inflation report in July that after the bans, studies on digital currencies continued intensively.

Date Announced for Digital Turkish Lira!

In the 2022 Presidential Annual Program prepared by the Ministry of Treasury and Finance and the Strategy and Budget Department, it was stated that the blockchain-based digital Turkish lira will be put into practice in 2022.

In the prepared program, it was stated that in the light of the information obtained as a result of the first phase pilot studies of the digital Turkish lira, advanced phase pilot tests with wider participation will be carried out.

In the announced report, it was also stated that cooperation will be established for the digital Turkish lira to be implemented next year, and studies will be carried out for its integration into existing systems.

What Studies Have Been Done?

In the past months, the Central Bank of the Republic of Turkey (CBRT) signed an agreement with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM for digital Turkish lira studies and created a “Digital Turkish Lira Cooperation Platform”.

Stating that they plan to expand the platform with new participations in line with the 1st phase studies of the central bank, he used the following statements:

“As part of the first phase pilot implementation studies, the prototype “Digital Turkish Lira Network” will be established at the CBRT and narrow-scope and closed-circuit pilot tests will be carried out with technology stakeholders.”

According to the economic reform calendar announced by Treasury and Finance Minister Lütfi Elvan in March, the regulations regarding the legal infrastructure of the digital Turkish lira are planned to be completed by December 31, 2021.

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