Domestic Cryptocurrency-Digital Turkish Lira Reaches Test Phase

It was announced that the integration process for the Digital Turkish Lira (DTL) - domestic cryptocurrency is ongoing. It was a matter of curiosity when the first shopping will take place.

The cryptocurrency exchange, which has become a popular investment tool, has long been on the radar of many countries, including Turkey. It is a fact that the next stop of the shopping adventure, where people progress from barter to paper money, is the digital currency system. While it is stated that the countries that are included in this process early will be in an advantageous position, it was noted that the test process for the digital Turkish Lira has started as of today.

How will the Digital Turkish Lira be used?

Digital Turkish Lira (DTL) is defined as a cryptocurrency developed by the Central Bank of the Republic of Turkey (CBRT) with the technology called blockchain. Although it has not yet been released to the market, its value will be fixed to 1 TL according to the statements. The Central Bank noted that the use of DTL for payments has reached the testing phase in line with the second phase pilot findings of the Digital Turkish Lira Research Development Project. The first shopping will be ready in 2023. In this process, while the integration of DJT systems with digital identity and FAST systems within the scope of research and development is being carried out, the new currency can also be used in FAST payments. DTL's security, protection and data analytics are carried out by HAVELSAN's expert staff and servers. Steps such as possible attack detection, event monitoring, situation analysis and leak detection will take place here. Of course, it is not yet known whether it will be traded on cryptocurrency exchanges. However, if there is a plan to fix 1 DTL to 1 TL, it may not attract much interest from stock market investors. On the other hand, although its value constantly decreases due to the exchange rate, it may be among the stable coins rather than altcoins. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!