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Turkish Central Bank to Research Benefits of a Central Bank Digital Currency
The bank has not made a final decision regarding the issuance of a digital Turkish lira but expects results from the pilot study to be announced in 2022.
Updated May 11, 2023, 5:45 p.m. Published Sep 15, 2021, 3:14 p.m.
Turkey’s central bank has launched a Digital Turkish Lira Collaboration Platform to research the benefits of introducing a central bank digital currency (CBDC).
- The Central Bank of the Republic of Turkey (CBRT) said it is continuing its research around issuing a CBDC, and if a digital Turkish lira is launched, it will complement the existing payments infrastructure.
- The bank said it has completed the proof of concept stage and now moved on to the next stage with the participation of several technology stakeholders.
- CBRT has signed agreements with defense company Aselsan, software and systems firm Havelsan and science and technology center TÜBİTAK-BİLGEM to launch the Digital Turkish Lira Collaboration Platform.
- The bank stressed it has not made a final decision regarding the issuance of a digital Turkish lira and expects the results of the first phase to be announced in 2022 after the tests are completed.
Read more: Turkey’s Central Bank Head Says Crypto Rules Coming, Denies Total Ban Ahead
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