CBRT Started Its Studies on the Digital TL

CBRT started its studies on the digital TL. In this context, the “Digital Turkish Lira Cooperation Platform” was created.

The Central Bank of the Republic of Turkey (CBRT) announced that it has signed a memorandum of understanding with ASELSAN, HAVELSAN, and TUBITAK-BILGEM for the digital lira trials and development process. Stating that the platform is planned to be expanded with new participations in the light of the findings of the first phase, where the preliminary tests of strategic and critical technologies regarding the project will be made, the CBRT said, "Within the scope of the first phase pilot implementation studies, a prototype "Digital Turkish Lira Network" will be established at the CBRT and narrow-scope and closed-circuit pilot implementation tests will be carried out." Emphasizing that in line with the results obtained, pilot tests with more widespread and broad participation will be carried out and advanced phases will be passed, the CBRT stated that tests will be carried out on topics such as blockchain technology, the use of distributed structures in payment systems, and integration with instant payment systems. The CBRT noted that there is no final decision on the circulation of the digital Turkish lira, and that all studies will be carried out according to the principles of experimental R&D activities. According to the economic reform calendar announced by Treasury and Finance Minister Lütfi Elvan in March, the goals of establishing the legal infrastructure of the digital lira and enacting the regulation that allows digital banking licensing will be completed by December 31, 2021. CBRT Governor Şahap Kavcıoğlu stated in his inflation report in July that the studies on digital currencies are continuing intensively and "We will start the pilot implementation as in September." With the new regulation announced in April, the Central Bank prohibited the direct or indirect use of crypto assets in payments.