Turkey Plans To Launch A CBDC In 2023

Turkey plans to introduce a central bank digital currency (CBDC) next year, according to CoinDesk Turkiye.

The Presidential Strategy and Budget Directorate unveiled Turkey’s Presidential Annual Program for 2023 on Monday, which includes a discussion of a central bank digital currency.

The news comes a year after the Turkish central bank said in September 2021 that it was considering releasing a CBDC to supplement its existing payments infrastructure as part of the Central Bank Digital Turkish Lira Research and Development initiative.

The program’s Balance of Payments section, under the subheading Policies and Measures, said that a blockchain-based central bank digital currency would be implemented. Turkey’s central bank is in charge, with help from the local Ministry of Finance and the Scientific and Technological Research Institution.

According to the official report, the Digital Turkish Lira system will be connected with digital identification and FAST. The Turkish central bank operates the FAST payment system.

According to the source, the Turkish central bank would conduct research and development as well as testing of its CBDC in partnership with other banks.

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