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Gungun Bhatia
Dec 30, 2022
by Gungun Bhatia

Turkey's Central Bank CBRT Finishes its First CBDC Test

CBRT CBDC

Table of contents

  1. CBRT Finishes First CBDC Test
  2. Benefits of Implementing Turkish Lira
The first experiment of the Central Bank of the Republic of Turkey's (CBRT) central bank digital currency (CBDC), the Digital Turkish Lira, has been completed, and the CBRT has indicated that it intends to carry out more trials through 2023.

CBRT Finishes First CBDC Test

In a statement issued on December 29, the CBRT claimed that it had successfully carried out its first payment transactions utilizing the virtual Lira. In the first quarter of 2023, it stated that it would maintain to conduct restricted, closed-circuit pilot testing with technology partners before broadening it to include a few financial institutions and technology firms in the second half of the year.

Before outlining the further stages of the research, which would further increase participation, it stated that the findings of these assessments would be made public through a "full assessment report."

Benefits of Implementing Turkish Lira

In September 2021, the Turkish central bank revealed in a study project titled "Central Bank Digital Turkish Lira Research and Development" that it was investigating the advantages of implementing a digital Turkish Lira.

The administration said it had taken no ultimate decision on the issuing of the digital Turkish lira at the time, indicating it had not yet committed to fully digitizing the nation's money. According to the CBRT's most recent announcement, it will keep evaluating the use of distributed ledger technologies for payment solutions and how well they "integrate" with existing immediate payment systems. Additionally, it will place a high priority on researching the legal ramifications of the digital Turkish Lira, including the economic and legal framework surrounding digital identity.

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Turkey's Central Bank CBRT Finishes its First CBDC Test
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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