“In the scope of the first-phase studies of the Digital Turkish Lira Project, conducted under the leadership of the Central Bank of the Republic of Türkiye (CBRT), the first payment transactions on the Digital Turkish Lira Network were executed successfully,” the bank said in a statement.

The CBRT noted that it would continue to run the limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023. 

“In 2023, the CBRT will expand the Digital Turkish Lira Collaboration Platform to involve selected banks and financial technology companies, and will unveil advanced phases of the pilot study that will further widen the participation. Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems,” the bank said.

The bank underlined that the studies on the legal aspects of the Digital Turkish Lira demonstrated that digital identification is of critical importance for the project.

“Therefore, studies on the economic and legal framework of the Digital Turkish Lira as well as its technological requirements will be prioritized throughout 2023,” the bank added. (ILKHA)