Digital Turkish Lira Phase-2 Initiatives Commenced
Under the leadership of the Central Bank of the Republic of Turkey (TCMB), the Digital Turkish Lira Project has successfully completed its first phase, with Phase-2 initiatives now underway. TCMB has released an assessment report detailing the achievements of the first phase. The preparations for the initial phase began in 2022, and successful pilot tests saw the first payment transactions on the Digital Turkish Lira System. TCMB has announced that pilot tests will continue in the first half of 2023, marking the completion of the first phase.
The key accomplishments of the first phase include:
- Preparation of the technical working environment for Digital Turkish Lira System activities and infrastructure for tests.
- Installation of the distributed ledger platform for the system, design and development of smart contracts and applications.
- Integration of the prototype digital identity system and development of digital wallet applications.
- Simulation and testing of scenarios for issuance, distribution, online payment/transfer, and redemption of Digital Turkish Lira.
- Execution of cybersecurity studies, pilot test processes, and measurement of system performance and user experience.
- The primary goal of the second phase is to expand the Digital Turkish Lira Collaboration Platform with new participants.
Digital currency, defined as an internet-based currency in digital environments, is gaining prominence in Turkey. TCMB initiated the Digital Turkish Lira Collaboration Platform on September 15, 2021, bringing together local technology firms to produce a Digital Turkish Lira.
In the era of digital transformation, developments in the Digital Turkish Lira Project for the digitization of the Turkish Lira hold great significance.
TCMB’s first-phase assessment report can be accessed here (only available in Turkish).
Successful