In the announcement made by the Central Bank of the Republic of Turkey, it was reported that the Bank continues to explore the potential contributions of the digital Turkish lira circulation, which is complementary to the existing payments infrastructure.
In the announcement, it was stated that the process, which started with the completion of the proof of concept work within the scope of the Central Bank Digital Turkish Lira R&D project, has been moved to the next stage with the participation of technology stakeholders. To this end, the Central Bank signed bilateral memorandums of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM and created a Digital Turkish Lira Cooperation Platform.” it was said.
In the announcement, it was stated that the platform is planned to be expanded with new participations in the light of the findings of the first phase, where the pre-application tests of the strategic and critical technologies related to the project will be made, and the following was noted:
“Within the scope of the first phase pilot implementation studies, the prototype ‘Digital Turkish Lira Network’ will be established at the CBRT and narrow-scope and closed-circuit pilot tests will be carried out with technology stakeholders. It is also planned to carry out tests that may require diversity within the scope of the Digital Turkish Lira R&D project on topics such as technology, use of distributed structures in payment systems, integration with instant payment systems. There is no final decision taken by the CBRT for the circulation of the digital Turkish lira. All studies are experimental AR -GE activities are carried out in accordance with its principles.”
It was stated in the announcement that the first phase results will be shared with the public in 2022, following the completion of the tests.