First payment in digital Turkish Lira

SAFAKNA TURKEY – The Central Bank issued a written statement today regarding the use of digital Turkish Lira. The statement said that under the first phase of the CBRT-led Digital Turkish Lira project, the first payment transaction on the Digital Turkish Lira network was successfully completed. The statement of the Central Bank of the Russian Federation is as follows:

“FIRST PAYMENT HAS BEEN MADE: As part of the first research phase of the Digital Turkish Lira project, which is led by the CBRT, the first payment transactions were successfully completed in the Digital Turkish Lira network. In the first quarter of 2023, CBRT will continue its narrow and closed pilot trials conducted with technology stakeholders. The findings from the tests will be presented to the public in a comprehensive evaluation report.

TL’S DIGITAL PLATFORM WILL BE EXPANDED: In 2023, the digital Turkish lira collaborative platform will be expanded to include individual banks and fintech companies, and advanced phases will be launched that will conduct participatory pilot trials. In this context, testing of unique architectural designs developed on issues such as the use of distributed ledger technologies in payment ecosystems and their integration with instant payment systems will continue.

PRIORITY WILL BE GRANTED TO ECONOMIC AND LEGAL STUDIES: Research on the legal aspect of the digital Turkish lira shows that digital identity is critical to the project. For this reason, studies on the economic and legal foundations of the digital Turkish lira, as well as technological requirements, will be given priority during 2023.”

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