Turkey completes first phase of digital lira testing

The Central Bank of Turkey announced the successful completion of the first phase of digital lira testing and plans to expand the research program in 2023.

The Central Bank of Turkey conducted the first payment transactions using the state digital currency. The published plan for 2023 states that in the first quarter, the bank will continue testing the digital lira with some technology companies. The number of participants could then be expanded to include individual banks and fintech companies.

The Central Bank will continue testing distributed ledger technologies in payment systems and their integration with instant payment systems. Also, priority will be given to the study of the legal aspects of the digital Turkish lira, such as the economic and legal framework for digital identification, as well as its technological requirements.

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