Last week the Central Bank of the Republic of Turkey (CBRT) said it executed its first payment transactions as part of a closed pilot of its central bank digital currency (CBDC). It intends to continue the Digital Turkish Lira Network pilot in the first quarter of 2023. The CBRT’s plans were first announced as part of last October’s budget for 2023.
The next phase will include some banks and fintechs, with the aim of further broadening participation. Assuming it’s still following the strategy outlined in the budget, the bank involvement will also include wholesale digital currency experiments.
Distributed ledger technology (DLT) is one of the technologies being tested as well as integration with instant payment systems. Studies will also explore the economic and legal implications.
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