The Digital Turkish Lira Project, led by the Central Bank of the Republic of Turkey (CBRT), successfully completed the first payment transaction. According to the official announcement of the CBRT, digital payments in TL will continue in the first quarter of 2023.
The first payment transaction was made with Digital Turkish Lira
In its official statement on the subject, the CBRT announced that the first phase of the project was successfully completed. Pilot application tests carried out with technology stakeholders will continue in the first quarter of 2023. The Central Bank states that the tests and studies will be conducted in public. According to the official statement:
Within the scope of the first phase studies of the Digital Turkish Lira Project, which is being carried out under the leadership of the Central Bank of the Republic of Turkey (CBRT), the first payment transactions on the Digital Turkish Lira Network were carried out successfully. In the first quarter of 2023, the CBRT will continue its narrow-scope and closed-circuit pilot tests, which it conducts together with technology stakeholders. The findings obtained as a result of the tests will be shared with the public in a comprehensive evaluation report.
Meanwhile, the Digital Turkish Lira Collaboration Platform aims to work with selected banks and financial technology firms in 2023. However, steps will be taken to use distributed ledger technologies in payment methods. Within the scope of the 2023 roadmap, the CBRT includes the following details:
The Digital Turkish Lira Collaboration Platform will be expanded in 2023 with the participation of selected banks and financial technology companies, and advanced phases will be initiated where pilot tests with broad participation will be carried out. In this context, tests of unique architectural constructs designed on issues such as the use of distributed ledger technologies in payments ecosystems and their integration with instant payment systems will continue.
Digital identity, legal framework and technological requirements
cryptocoin.comAs you follow, TCBM held its last crypto money meeting in September 2021. At the meeting, the first steps of a research and development project that will enable the digitalization of the Turkish lira were taken. The Central Bank now plans to prioritize the topics in the headline. According to the text in the official statement:
Studies on the legal dimension of the Digital Turkish Lira show that digital identification is of critical importance for the project. Therefore, throughout 2023, priority will be given to studies on the economic and legal framework of the Digital Turkish Lira as well as its technological requirements.
The Digital Turkish Lira Platform is supported by ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM. TCBM cooperates especially with these companies within the scope of the Turkish Lira R&D project. As a result, the first phase, which is expected to be announced in 2022, has been successfully completed. Next year, we will see more work in this context.
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