The Central Bank of the Republic of Turkey (TCMB) has successfully carried out the first payment transaction on the digital lira test network.
Participation in the Digital Lira Project Will be Expanded
Recently, the Central Bank of the Republic of Turkey announced the successful completion of the first payment transactions on the Digital Turkish Lira Network, as part of the first phase of the Digital Turkish Lira Project.
The TCMB announced that it will continue its narrow-scope and closed-circuit pilot application tests, which it is conducting together with its technology stakeholders, in the first quarter of 2023. The TCMB also promised that the findings obtained as a result of the tests will be announced together with a comprehensive evaluation report.The TCMB explained the details about this as follows:
‘In this context, tests of unique architectural constructs designed on issues such as the use of distributed ledger technologies in payments ecosystems and their integration with instant payment systems will continue.’
According to the statement made by the bank, the Digital Turkish Lira Cooperation Platform will be expanded with the participation of selected banks and financial technology firms in 2023 and will move to extensive advanced stages.
In addition to all these, the TCMB stressed the importance of examining the legal aspects of the CBDC and that digital identity is of very critical importance for the project. For this reason, the TCMB aims to prioritize studies on the legal and economic framework and technological requirements of the digital lira.
About TCMB
The Central Bank of the Republic of Turkey is basically the institution responsible for managing monetary and exchange rate policies in Turkey. The duties and responsibilities of the Bank, which are regulated by the Central Bank Law, are divided into 5 main areas. These are; Price Stability, Financial Stability, Exchange Rate Regime, Banknote Printing and Issuance Concession and Pay Systems.
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