Turkey’s Central Bank announces first electronic lira payment

The Central Bank of Turkey has announced the first payment through its official digital Turkish lira network without revealing details.

The bank said it will make the digital lira (Dijital Türk Lirası) platform available to banks and selected fintech companies over the next year, indicating that it intends to reveal the advanced stages of the pilot study, further expanding participation.

“Research on the legal aspects of the digital Turkish lira shows that digital identity is critical to the project,” the central bank said in a statement.Anatoliain its English version.

“Therefore, research related to the economic and legal basis of the digital Turkish lira, as well as its technological requirements, will be a priority during 2023,” he added.

Many central banks around the world are working on their own programs to develop a state-backed sovereign digital currency that can be used in official transactions and that will be far from decentralized cryptocurrencies such as Bitcoin, which are difficult to trace.

The Turkish Digital Lira will be a cryptocurrency pegged to 1 Turkish Lira as it was developed by the Central Bank of Turkey and it will be a digital form of cash issued by the Central Bank of Turkey.

Experts expect the quality of the Turkish digital lira to be at least as good as the Chinese digital yuan, the most used example of digital currencies for central banks that the Chinese use in many commercial and digital transactions.

While central banks in many countries are conducting research on the possibility of digitizing their cash currencies, Turkey is striving to provide better digital issuance, which will allow Turkey to get ahead of many central banks that have been working in this direction for years, which was planned. be available for experimental testing during the current year.

Source: Anatolia + TRT Arabic