First CBDC Trials Completed in Turkye and Continue in Q1 2023

The Turkish digital lira has undergone its initial testing, according to the Central Bank of Turkey (CBRT).

The CBRT successfully completed the first payment transactions on its central bank digital currency (CBDC) network as part of an initial test phase, according to a statement published on Thursday.

“The CBRT will continue its small-scale, closed-loop application pilot testing undertaken with technology players in the first quarter of 2023. A thorough review report with the test findings will be released,” the bank added in the statement.

The Turkish digital lira will evolve to more advanced phases in 2023, according to the CBRT, at which point the central bank will conduct pilot testing with widespread involvement from banks and financial technology firms.

According to the central bank studies on the legal aspects of the digital Turkish lira have revealed how crucial digital identity is to the project. Therefore, during 2023, investigations on the technical needs as well as the financial and legal framework of the digital Turkish lira will be given priority.