January 4, 2023

Turkey Announces Success of Pilot Phase of Digital Lira

turkish-digital-lira

turkish-digital-lira

Turkey announced the success of the pilot phase of its digital Lira project, according to the Central Bank of the Republic of Türkiye (CBRT).

CBRT said in a press release that the first payment transactions on the network of its newly-launched central bank digital currency (CBDC), digital lira, were successfully conducted. The Turkish central bank confirmed that it would continue its limited, closed-circuit pilot tests with tech stakeholders in the first quarter of this year.

According to the bank, a comprehensive evaluation report on the findings of these tests will be shared with the public. CBRT pointed out that it would choose banks and financial technology companies to expand the digital lira collaboration platform, adding the pilot stage will include wider participation.

Since 2021, the central bank in Turkey has stepped up its efforts to launch its CBDC, digital lira, in collaboration with various tech companies, including Tubitak-Bilgem and Havelsan, to research, develop and test it.

At the level of the Middle East countries, Egypt was the last country whose central bank is currently studying the adaption of its CBDC. The Central Bank of Egypt (CBE) said internal and external working committees from all related ministries and bodies had been formed under the presidency of the central bank to study the adoption of CBDC.

Offering more resilience, safety, greater availability, and lower costs than private forms of digital money, CBDC is a new form of money that exists only in digital form. Instead of printing money, the central bank issues widely accessible digital coins so that digital transactions and transfers become simple.

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