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The Central Bank of the Republic of Turkey (CBRT) has announced the achievements of the initial phase of the digital lira (CBDC) pilot tests and detailed the government’s intentions for the ongoing advancement of the digital state currency pilot initiative.
The central bank of Turkey published an English version of the report concerning the first phase of the digital lira initiative, which was officially completed at the end of the previous year.
The report indicates that the initial phase of Turkey’s CBDC pilot project concentrated on the retail aspect of the digital currency. This involved the creation of identification systems, a storage wallet, and a service level for managing CBDC transactions.
The first phase prioritized the protection of digital currency users’ privacy and the potential for programmable payments using CBDCs. The CBRT evaluated various smart contract templates designed to support credentials and payment interfaces. The report underscored the CBRT’s objective to establish a system that would not disrupt the nation’s economic activities or compete with current financial products and services.
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The project commenced in 2021, and by the end of 2022, the first successful transactions using the digital Turkish lira were executed.
The subsequent phase of the CBDC initiative will focus on:
- investigating the potential for smart payments;
- programming offline payment capabilities;
- selecting intermediaries for digital currency transactions;
- testing transactions via intermediaries’ mobile applications;
- examining various legal and economic considerations regarding the introduction of the CBDC.
The report does not provide a timeline for the implementation of the second phase of Turkey’s CBDC pilot project.
Additionally, Turkish authorities are actively working on legislation to regulate the cryptocurrency market in the country, which is expected to be finalized this year.
Сообщение Turkey’s CBDC Pilot Project Moves to New Stage появились сначала на CoinsPaid Media.
