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The first step from the Central Bank for the Digital Turkish Lira – News

Dijital Türk Lirası için Merkez Bankası

The Central Bank of the Republic of Turkey (CBRT) took action for the digital Turkish lira. The central bank; ASELSAN announced that the “Digital Turkish Lira Cooperation Platform” was created by signing bilateral memorandums of understanding with HAVELSAN and TÜBİTAK-BİLGEM. announced that the results of the first phase of the Digital Turkish Lira project will be shared with the public in 2022. In the written statement, the following statements were used: “The Central Bank of the Republic of Turkey (CBRT) continues to explore the potential contributions of the digital Turkish lira circulation, which is complementary to the existing payments infrastructure. It started with the completion of the proof of concept work within the scope of the Central Bank Digital Turkish Lira Research and Development (R&D) project. The process is being carried to the next stage with the participation of technology stakeholders.Technological research, development and testing processes of the Central Bank Digital Turkish Lira R&D project will be carried out in close cooperation with the participation of technology stakeholders.In this direction, the Central Bank collaborates with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM. signed bilateral memorandums of understanding and created the “Digital Turkish Lira Cooperation Platform”. In the light of the findings of the first phase, where the preliminary tests of strategic and critical technologies related to the project will be conducted, it is planned to expand the platform with new participations. First phase pilot implementation Within the scope of implementation studies, a prototype “Digital Turkish Lira Network” will be established at the CBRT and narrow-scope and closed-circuit pilot tests will be carried out with technology stakeholders. In line with the results obtained, further phases will be initiated where more widespread and broad participation pilot tests will be carried out. It is also planned to carry out tests that may require diversity within the scope of the Digital Turkish Lira R&D project on topics such as blockchain technology, use of distributed structures in payment systems, integration with instant payment systems. There is no final decision taken by the CBRT regarding the circulation of the digital Turkish lira. All studies are carried out on the principles of experimental R&D activities. After the capacity measurements of different technological alternatives are completed and the architectural setups are finalized, it is aimed to determine whether the existing technologies can meet the economic, legal and financial requirements of the digital Turkish lira. The results of the first phase will be shared with the public in 2022, following the completion of the tests.

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