Turkey Completes First CBDC Trial; Plans To Execute More In 2023
The Turkish Central Bank (CBRT) recently announced the success of its first trial on the potential Central Bank Digital Currency (CBDC), the digital Lira. In addition, the financial body reported that it would execute more of it by 2023.
Turkish Central Bank Continues Test On Digital Lira
According to the report, the CBRT recently used the potential CBDC to execute some transactions successfully. Upon the completion of the first trial, the financial authority announced that it would carry out more tests to examine other utility cases of its digital Lira in 2023.
The CBRT stated that in Q1 of 2023, itself and other technology experts would continue the closed-circuit pilot tests on the digital Lira. After successfully testing the utility cases of the digital token, it would expand it to some selected financial technology firms in the remaining part of next year.
In addition, the CBRT said it would release a comprehensive evaluation report of the tests to the public. Afterward, it would unveil the next steps in the study to increase participation.
In September, Turkey’s central bank announced that it would explore the functionality and merits of a digital Lira. It announced this during the research project on developing the digital Lira.
Since the official announcement, the Turkish government has not shown any special commitment toward digitalizing the country’s fiat currency. In addition, it stated that it is yet to conclude the issuance of a potential digital Lira.
In the latest data from the CBRT, it plans to integrate the decentralized ledger techs in the country’s payment systems. This integration would enable instant and seamless transactions.
In addition, it plans to research the legal component of the potential Turkish digital Lira, such as the digital token’s regulatory framework and economic aspect.
Different Countries Have Different Perspectives About CBDC
Currently, many countries are now planning to issue a CBDC. The United States of America and Kazakhstan recently launched their pilot test for their CBDCs.
The Kazakhstan central bank planned to introduce an in-house CBDC by 2023, and its implementation would last for three years. Meanwhile, the British central bank recently introduced a CBDC wallet using the proof-of-concept consensus protocol.
On the other hand, the Australian Reserve Bank has hesitated to take any positive steps on the central bank’s digital currency. The reserve’s assistant governor, Brad Jones, gave a warning while giving a speech on December 8, saying the CBDC could override the Australian dollar, making people avoid the commercial banking system.
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