Turkish Central Bank in Works to Release Digital Currency

According to the statement released by the Central Bank of the Republic of Turkey (CBRT), the bank signed an agreement with defense and technology firms Aselsan and Havelsan, and the Scientific and Technological Research Council of Turkey (TUBITAK) for the research, development and testing processes of potential digital Turkish lira.

In the statement, it is said that the Central Bank of the Republic of Turkey (CBRT) “continues to research the potential benefits of introducing a digital Turkish lira to complement the existing payments infrastructure.”

With this purpose, Digital Turkish Lira Collaboration Platform was established, and as for the first phase, the bank will create a prototype of Digital Turkish Lira Network and conduct limited tests with technology stakeholders.

It is also noted, “In the light of the findings of the first phase, which involves preliminary testing of strategic and critical technologies related to the project, the plan is to expand the platform with the involvement of new participants.”

With the first phase results expected in 2022, there is no final decision yet for issuing digital Turkish lira, the bank stated.