The Central Bank of the Republic of Turkey (CBRT) announced the first phase evaluation report of the digital Turkish lira project. The report underlines the unique features of the digital Turkish lira and emphasizes its difference from traditional cryptocurrencies. It also draws attention to important technological developments. Here are the details…
Report published for Digital Turkish Lira
In this first stage, the CBRT focused on the basic technological studies required for the development of the digital Turkish lira. The report details the identification of use cases, architectural frameworks, and creation of the working environment. Various systems and applications have been developed through rigorous simulations and testing to ensure efficiency and user experience.
One of the fundamental principles of the digital Turkish lira project is commitment to privacy. The report states that the cryptocurrency is designed to respect user privacy, incentivize financial processes, integrate seamlessly with technological innovations, and operate within digital ecosystems independent of financial intermediaries.
Achievements of the first phase
Within the framework of the first phase, Phase-1 Digital Turkish Lira System was established with participants from the Digital Turkish Lira Cooperation Platform. The system unified digital identities for operators and test participants, facilitating various levels of authentication through digital wallets. Performance trials were carried out by comparing the digital Turkish lira with existing instant payment systems technologies and successful integration applications were developed.
In addition to technological developments, the CBRT also actively carries out economic and legal framework studies. The report highlights the critical importance of digital identification and underlines the decision to prioritize efforts in this area. Access to the digital Turkish lira will be provided through licensed financial intermediary institutions and will play a complementary role to physical cash.
Future stages: What will happen?
The report summarizes the road map for the future stages of the digital Turkish lira project. In the second phase in 2024, brokerage integrations, smart payments, offline payments, hardware wallets, interoperability, high performance and legal and economic aspects will be discussed. Upon completion, the third phase will begin, which initiates the circulation decision phase, regulatory processes, certification, licensing and gradual roll-out.
As the CBRT continues its digital Turkish lira initiative, the report ends with a commitment to an uninterrupted development agenda. Being aware of the ever-evolving landscape of digital finance, CBRT is ready to adapt and develop the features of the project, ensuring continuous improvement, absolute security and adaptation to the changing dynamics of the cryptocurrency sector. Time will tell what will happen in the future. The Turkish cryptocurrency community will follow the developments especially in 2024 closely.
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