The first payment transaction in the digital Turkish lira has been successfully completed

The Central Bank of the Republic of Turkiye (CBRT) announced that the first payment transactions on the digital Turkish lira network were successfully carried out as part of the first phase of the Digital Turkish Lira Project.

In the announcement made by the CBRT, it was stated that the first payment transactions on the digital Turkish lira network were carried out successfully, and that the narrow-scope and closed-circuit pilot application tests carried out with technology stakeholders will continue in the first quarter of 2023.

In the announcement, it was stated that the findings obtained as a result of the tests will be shared with the public through a comprehensive evaluation report.

“Digital Turkish Lira Cooperation Platform will be expanded with the participation of selected banks and financial technology companies in 2023, and advanced phases will be carried out with large participation pilot tests. In this context, tests of unique architectural constructs designed on issues such as the use of distributed ledger technologies in payments ecosystems and their integration with instant payment systems will continue. Studies on the legal dimension of the digital Turkish lira show that digital identification is of critical importance for the project. For this reason, studies on the economic and legal framework of the digital Turkish lira as well as the technological requirements will be prioritized throughout 2023.”

Source: AA / Translated by Irem Yildiz

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