• The Turkish Central Bank has begun testing their Central Bank-issued digital lira.
• Tests are being conducted in small-scale, closed loops reinforced with blockchain technology, FinTech, and banking systems.
• The CBDC is expected to go live on its mainnet in the first quarter of 2023.
The Turkish Central Bank is making history by launching the first Central Bank-issued digital asset in the form of a digital lira. This project has been supported by high-ranking government officials and is expected to go live in the first quarter of 2023.
In preparation for the launch, the Turkish Central Bank has been running initial tests on its Central Bank-issued digital lira. These tests are being conducted in small-scale, closed loop systems reinforced with blockchain technology, FinTech, and banking systems. This is a major milestone in the development of the CBDC as it gets closer to its launch.
The Central Bank of Turkey has successfully conducted its first payment transactions on the digital lira network and is continuing to test the currency in the first quarter of 2023. The results of the tests will be published in a comprehensive evaluation report.
The launch of the digital lira will open up a world of possibilities for the Turkish economy and its citizens. This groundbreaking project has the potential to revolutionize the way people transact, providing an easier, faster, and more secure way to send and receive money.
The success of the digital lira will be a major milestone for Central Bank-issued digital assets and may be the first of many CBDCs to come. The project is a clear indication that the future of money is digital and that Central Banks are taking steps towards a more secure and efficient future of finance.
