Turkey’s First CBDC Test
2022.12.29 23:58
Turkey’s First CBDC Test
Budrigannews.com – The first trial of the Digital Turkish Lira, the Central Bank of the Republic of Turkey’s (CBRT) central bank digital currency (CBDC), has been completed, and the CBRT has indicated that it intends to continue testing throughout 2023.
On December 29, the CBRT issued a statement stating that the central bank authority had successfully completed its “first payment transactions” using the digital Lira.
In the first quarter of 2023, it stated that it would continue to conduct limited closed-circuit pilot tests with technology stakeholders before expanding the program to include specific banks and financial technology companies throughout the remainder of the year.
Press Release on the Use of Digital Turkish Lira: https://t.co/48ulWfJqXw
— CentralBankofTürkiye (@CentralBank_TR) December 29, 2022
It stated that the public will receive a “comprehensive evaluation report” containing the results of these tests before further details regarding the study’s subsequent phases, which will expand participation.
The Turkish national bank previously declared it was investigating the advantages of presenting a computerized Turkish Lira in Sept. 2021 in an examination project called “National Bank Computerized Turkish Lira Innovative work.”
“Made no final decision regarding the issuance of the digital Turkish lira,” the government stated at the time, “made no final decision regarding the issuance of the digital Turkish lira.”
The CBRT stated in its most recent statement that it will continue testing the “integration” of distributed ledger technologies with instant payment systems and their use in payment systems.
It will also place a high priority on studying the legal aspects of the digital Turkish Lira, such as its technological requirements and the “economic” and “legal framework” for digital identification.
Digital currencies issued by central banks have recently begun pilot programs in a number of nations, including Kazakhstan and the United Kingdom.
More India Calls for Cryptocurrency Regulation
A proof of concept for a CBDC wallet has been open for submissions to the Bank of England, and the Kazakhstani central bank has called for the establishment of an internal CBDC as soon as 2023, phased in over three years.
The Reserve Bank of Australia (RBA) recently expressed skepticism regarding its own CBDC plans. On December 8, assistant governor Brad Jones gave a speech in which he warned that a CBDC could completely replace the Australian dollar and cause individuals to steer clear of commercial banks.
