Digital Turkish Lira Project Takes First Step
TCMB, ASELSAN, HAVELSAN and TÜBİTAK Information and Information Security Research Center establish Digital Turkish Lira Cooperation Platform, advancing Digital Turkish Lira Research and Development project to next phase.
In an announcement from the Central Bank of the Republic of Turkey, the Bank stated that it continues to research the potential contributions of digital lira circulation as a complement to existing payment infrastructure.
The process, which begins with completion of proof-of-concept work under the Central Bank's Digital Turkish Lira R&D project, has been advanced to the next phase with participation of technology partners, according to the announcement:
"The technological research, development and testing processes of the Central Bank's Digital Turkish Lira R&D project will be conducted in close cooperation with technology partners. Accordingly, the Central Bank has signed bilateral memoranda of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM and established the Digital Turkish Lira Cooperation Platform."
The Central Bank of the Republic of Turkey (TCMB) continues to research the potential contributions of digital Turkish lira circulation as a complement to existing payment infrastructure. The process, which began with completion of proof-of-concept work under the Central Bank's Digital Turkish Lira Research and Development (R&D) project, is being advanced to the next phase with participation of technology partners.
The technological research, development and testing processes of the Central Bank's Digital Turkish Lira R&D project will be conducted in close cooperation with technology partners. Accordingly, the Central Bank has signed bilateral memoranda of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM and established the "Digital Turkish Lira Cooperation Platform." In light of findings from the first phase in which preliminary tests of strategic and critical technologies related to the project will be conducted, expansion of the platform with new participants is planned.
Within the scope of first phase pilot implementation work, a prototype "Digital Turkish Lira Network" will be established at TCMB and limited-scope closed-loop pilot tests will be conducted with technology partners. Based on the results obtained, the project will progress to advanced phases in which wider and more broadly participated pilot tests will be conducted. Testing on topics such as blockchain technology, use of distributed architectures in payment systems and integration with instant payment systems is also planned within the scope of the Digital Turkish Lira R&D project.
TCMB has not made any final decision regarding digital Turkish lira circulation. All work is conducted in accordance with experimental R&D activity principles. After capacity measurements of different technological alternatives are completed and architectural designs are tested, the objective is to determine whether current technologies can meet the economic, legal and financial requirements related to digital Turkish lira.
