Turkiye successfully executes 1st transaction on digital Lira network

Findings obtained from the pilot tests will be shared with the public via a comprehensive evaluation report, CBRT said in a press release.

The Central Bank of the Republic of Turkiye (CBRT) has successfully executed first payment transactions on the digital Lira network in the scope of the first-phase studies of the Digital Turkish Lira Project. The bank announced that it will continue to run the limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023.

In 2023, the CBRT will expand the Digital Turkish Lira Collaboration Platform to involve selected banks and financial technology companies, and will unveil advanced phases of the pilot study that will further widen the participation. Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.

Studies on the legal aspects of the Digital Turkish Lira demonstrate that digital identification is of critical importance for the project. Therefore, studies on the economic and legal framework of the Digital Turkish Lira as well as its technological requirements will be prioritised throughout 2023.

Fibre2Fashion News Desk (DP)