At the end of 2022, the first trial transactions using the digital lira (CBDC) were successfully carried out in Turkey as part of a pilot project. The local regulator plans to focus on developing a legal framework and technological innovations for further tests in 2023.
The Central Bank of the Republic of Turkey (CBRT) completed the first tests of the digital lira. Payment transactions with the CBDC were successful, and the regulator outlined plans for 2023 to develop the state’s digital currency.
The CBRT will continue a limited pilot test in Q1 2023 with stakeholders and tech partners. Then commercial banks and private financial technology companies will join the project and participate in CBDC testing together with instant payment systems.
Bank officials also intend to provide the public with a “comprehensive evaluation report” before proceeding with further development and testing of the digital lira.
In 2023, the priority will be to study and develop the legal aspects of CBDC use in the country. The CBRT plans to pay attention to the digital identification capability and technological requirements for its proper functioning in the digital lira project.
Recall that the pilot project of the Turkish CBDC was launched back in September 2021, but the government didn’t make a final decision on issuing the digital lira, despite the growing popularity of digital assets in Turkey.
A total of at least 90% of all central banks in the world were engaged in developing state digital currencies in 2022. CP Media prepared a special article on the achievements of different countries and international associations in CBDC development in 2022.
