Turkey’s Central Bank Conducts First CBDC Tests

The Central Bank of Turkey (CBRT) conducted the first tests of its CBDC – digital Turkish lira

The CBRT has successfully completed the first payment transactions on its central bank digital currency (CBDC) network as part of its initial testing phase, according to a statement released Thursday.

“In the first quarter of 2023, CBRT will continue its small closed-loop pilot trials with technology stakeholders. The test results will be made public in a comprehensive assessment report,” the bank said in a statement.

In 2023, the Turkish digital lira will enter an advanced testing phase when the central bank conducts pilot trials with broad participation, including banks and financial technology companies, CBRT added.

“Research on the legal aspect of the digital Turkish lira shows that digital identity is vital to the project. Therefore, studies on the technological requirements and economic and legal framework of the digital Turkish lira will be a priority during 2023,” the bank said.

In October, the Office of the Presidential Strategy and Budget of Turkey presented the annual program for 2023, including the discussion of the CBDC, which will be integrated with digital identity and FAST, a payment system operated by the central bank of Turkey.

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