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IPFS News Link • Cyberspace and the New Economy

Central Bank of Turkey Successfully Tests Payment Transactions Using Digital Lira

• The Fintech Times

The first payment transactions on the Digital Turkish Lira Network were completed under the CBRT's leadership. The central bank plans to run further limited, closed-circuit pilot tests with technology stakeholders during 2023's first quarter. All findings are then to be shared with the public via a final evaluation report.

2023 will also see the CBRT select a range of banks and fintech companies to participate in new tests on the Digital Turkish Lira Collaboration Platform.

As has already been revealed by the studies on the legal implication of the digital Turkish Lira, digital identification is hugely important to the project as a whole. Turkey's central bank looks to prioritise further studies on the economic and legal framework of the digital currency. The technological requirements are also to be analysed extensively throughout the upcoming year.

The CBRT plans to unveil advanced phases of pilot studies to widen participation. The bank looks to continue to run tests for authentic architectural setups. Testing will cover the use of distributed ledger technologies in payment systems and the integration of such technologies with instant payment systems.