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Turkish Central Bank to Research Benefits of a Central Bank Digital Currency

The bank has not made a final decision regarding the issuance of a digital Turkish lira but expects results from the pilot study to be announced in 2022.

Sep 15, 2021 at 3:14 p.m. UTC
Updated Sep 15, 2021 at 5:15 p.m. UTC

Turkey’s central bank has launched a Digital Turkish Lira Collaboration Platform to research the benefits of introducing a central bank digital currency (CBDC).

  • The Central Bank of the Republic of Turkey (CBRT) said it is continuing its research around issuing a CBDC, and if a digital Turkish lira is launched, it will complement the existing payments infrastructure.
  • The bank said it has completed the proof of concept stage and now moved on to the next stage with the participation of several technology stakeholders.
  • CBRT has signed agreements with defense company Aselsan, software and systems firm Havelsan and science and technology center TÜBİTAK-BİLGEM to launch the Digital Turkish Lira Collaboration Platform.
  • The bank stressed it has not made a final decision regarding the issuance of a digital Turkish lira and expects the results of the first phase to be announced in 2022 after the tests are completed.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Tanzeel Akhtar is a CoinDesk news reporter based in Europe.

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