{"id":15999,"date":"2022-12-31T10:19:10","date_gmt":"2022-12-31T10:19:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/central-bank-of-turkey-reports-first-payment-transactions-on-digital-lira-network-finance-bitcoin-news\/"},"modified":"2022-12-31T10:19:10","modified_gmt":"2022-12-31T10:19:10","slug":"central-bank-of-turkey-reports-first-payment-transactions-on-digital-lira-network-finance-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/central-bank-of-turkey-reports-first-payment-transactions-on-digital-lira-network-finance-bitcoin-news\/","title":{"rendered":"Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network \u2013 Finance Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials.<\/strong><\/p>\n

Turkey to Widen Participation in Digital Lira Project, Focus on Studying Economic and Legal Aspects<\/h2>\n

Turkey\u2019s monetary authority has successfully carried out the first payment transactions on the Digital Turkish Lira Network, according to an announcement<\/a> on Thursday. The operations were executed as part of studies during the first phase of the central bank digital currency (CBDC) project.<\/p>\n

The CBRT also said it will continue to perform pilot tests with technology stakeholders in the first quarter of next year, on a limited scale and in a closed-circuit environment. The findings from these tests will be revealed to the public in a comprehensive evaluation report, it promised.<\/p>\n

Also in 2023, the Turkish central bank intends to expand the collaboration platform for the digital lira. Selected banks and financial technology companies will be involved and advanced phases of the pilot study unveiled to further widen participation, the regulator detailed, elaborating:<\/p>\n

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Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.<\/p>\n<\/blockquote>\n

The bank also emphasized that examination of the legal aspects of the CBDC has shown that \u201cdigital identification is of critical importance for the project.\u201d For this reason, the CBRT intends to prioritize studies on the legal and economic framework of the digital lira as well as its technological requirements.<\/p>\n

The potential issuing of a \u201cblockchain-based\u201d version of the Turkish lira was first mentioned<\/a> in President Recep Erdogan\u2019s Annual Program in November, 2019. Two years later, the CBRT deepened research<\/a> into the matter by establishing the Digital Turkish Lira Collaboration Platform to facilitate the development and testing of the CBDC with technology stakeholders.<\/p>\n

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\nTags in this story
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CBDC<\/a>, CBRT<\/a>, Central Bank<\/a>, Central Bank of Turkey<\/a>, Digital Currency<\/a>, digital lira<\/a>, digital Turkish lira<\/a>, Lira<\/a>, payment transactions<\/a>, Payments<\/a>, Research<\/a>, Test<\/a>, Testing<\/a>, tests<\/a>, Trial<\/a>, trials<\/a>, Turkey<\/a>, Turkish<\/a><\/div>\n<\/div>\n

Do you think the Central Bank of Turkey will step up efforts to introduce a digital Turkish lira? Share your expectations in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, multitel \/ Shutterstock.com<\/em><\/p>\n

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