Türkiye’s central bank has completed the first trial of the digital Turkish lira, and signaled plans to continue testing throughout 2023
Türkiye’s central bank has completed the first pilot phase of its long-planned digital currency, the digital Turkish lira, and plans to continue running tests in 2023.released last week, the Central Bank of Türkiye has successfully carried out the first payment transactions on its central bank digital currency network as part of an initial test phase.
In 2023, the digital Turkish lira will move to advanced stages where the central bank will conduct pilot tests with broad participation, including banks and financial technology companies, the CBRT added. CBDCs are the digital form of fiat money, giving holders a direct claim on the central bank and allowing them to make instant electronic payments. CBDCs differ from digital money like cryptocurrencies, which are private and decentralised.With the growing popularity of Bitcoin and the distributed ledger technology that underpins cryptocurrencies, central banks around the world have been researching the concept and design of digital currencies for several years.
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