Turkey’s CBDC will be integrated with the country’s digital identity system and the Central Bank’s FAST instant payments service
The Central Bank of the Republic of Turkey (CBRT) will continue the research and development of the Digital Turkish Lira. As reported by NFCW, the digital currency will be integrated with the national digital ID system as well as FAST instant payments.
This integration would be the second phase of the digital Lira project which started in 2021. The central bank plans to test the CBDC for payments as well as for wholesale banking transactions.
Moreover, Turkey’s Presidential Strategy and Budget Directorate announced that a “blockchain-based central bank digital currency will be put into practice”, presumably in 2023.
At the same time, limited closed-circuit testing of a prototype digital Turkish lira network should take place prior to “advanced phases of the pilot study that will reflect broader participation”.
The technological research, development and testing processes of the Turkish CBDC will be carried out in close collaboration with technology stakeholders. At the project’s beginning, the CBRT signed bilateral memorandums of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM, and established the “Digital Turkish Lira Collaboration Platform”.