• CBRT announced a successful payment transaction using the Digital Turkish Lira.
• The CBRT intends to scale up its pilot test program in 2023 with selected financial institutions.
• The findings of the Digital Lira pilot test program will be shared with the public in a comprehensive report.
The Central Bank of the Republic of Türkiye (CBRT) has announced its success in facilitating the first payment transaction of the Digital Turkish Lira. This comes as the country grapples with high inflation under President Tayyip Erdogan, and CBRT is looking for ways to combat this. In order to ensure that the underlying distributed ledger technology of the Digital Turkish Lira is properly tested and is suitable for rollout, CBRT will be conducting rigorous testing on the digital currency.
The CBRT intends to scale up its pilot test program in 2023 with selected financial institutions. This will involve expanding the Digital Turkish Lira Collaboration Platform to involve banks and financial technology companies. In addition, the advanced phases of the pilot study will widen the scope of the project and allow for more comprehensive testing.
The CBRT will also be conducting a viability use case for the Digital Turkish Lira until 2025. Once the pilot test program is complete, the findings will be shared with the public in a comprehensive report. This will detail how the Digital Turkish Lira has performed and how digital identification has affected the program.
The CBRT is hopeful that the Digital Turkish Lira will be a successful project and will help to combat the country’s inflation. It is expected that the pilot test program will provide valuable insight into the performance of the digital currency and will help to ensure its success.