Turkish Central Bank Will Expand The CBDC Tests In 2023

Key Points:

• The first payments on the Digital Turkish Lira Network were successfully completed, according to a statement from Turkey’s central bank on Thursday.
• The Turkish digital lira will evolve to more advanced stages in 2023, according to the Central Bank of Turkey, at which point the central bank will conduct pilot testing with widespread participation from banks and financial technology firms.
• The bank will continue to run tests for authentic architectural setups designed in areas such as using distributed ledger technologies in payment systems and integrating these technologies with instant payment systems.

The first payment transactions on the Digital Turkish Lira Network were successfully completed as part of the first-phase tests, according to the Central Bank of Turkey (CBRT), which announced this on Thursday.

Digital Turkish Lira is the Turkish central bank digital currency (CBDC).

In the first quarter of 2023, the central bank will keep conducting limited, closed-circuit pilot testing. As the advanced releases of the pilot project, it intends to expand the Digital Turkish Lira Collaboration Platform to specific banks and financial technology firms, the bank stated in a statement.

The bank will keep testing real architectural configurations in fields like combining distributed ledger technologies with immediate payment systems and applying them in payment systems.

The Turkish digital lira will evolve to more advanced stages in 2023, according to the CBRT, at which point the central bank will conduct pilot testing with expansion participation from banks and financial technology firms.

The bank also stated that during 2023, studies on the Digital Turkish Lira‘s economic and legal foundation as well as its technological requirements, will be given top priority.

In its yearly program, the Turkish Presidential Strategy and Budget Directorate discussed a CBDC that would be connected with digital identification and FAST, the country’s central bank-operated payment system, in October.

Besides Turkey, other countries are also promoting the application of CBDC, such as China, Kazakhstan, and Brazil.

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