Turkish central bank completes first phase of CBDC testing

The Central Bank of Turkey announced the completion of the first phase of testing of the national digital currency (CBDC).

Press Release on the Use of Digital Turkish Lira: https://t.co/48ulWfJqXw

— CentralBankofTürkiye (@CentralBank_TR) December 29, 2022

According to the statement, the regulator successfully conducted “first payment operations” using the digital lira. The Central Bank noted that it will continue pilot tests with interested parties in the first quarter of 2023, after which they will expand them to include individual banks and companies.

The results of the testing will be presented in a report.

In December 2020, then-head of the Turkish Central Bank Naji Agbal announced the testing of the digital lira in the second half of 2021.

Subsequently it emerged that the project was entrusted to the regulator, the Ministry of Finance and the Scientific and Technical Research Institute.

In December 2022, the Central Bank of Brazil announced the issuance of the digital real in 2024.

In the same month, authorities in India revealed the details of CBDC testing, in which eight credit institutions are involved.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analysis.