The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials.Turkey’s monetary authority has successfully carried out the first payment transactions on the Digital Turkish Lira Network, according to anon Thursday. The operations were executed as part of studies during the first phase of the central bank digital currency project.
The CBRT also said it will continue to perform pilot tests with technology stakeholders in the first quarter of next year, on a limited scale and in a closed-circuit environment. The findings from these tests will be revealed to the public in a comprehensive evaluation report, it promised. Also in 2023, the Turkish central bank intends to expand the collaboration platform for the digital lira. Selected banks and financial technology companies will be involved and advanced phases of the pilot study unveiled to further widen participation, the regulator detailed, elaborating:
Against this backdrop, the CBRT will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems. The bank also emphasized that examination of the legal aspects of the CBDC has shown that “digital identification is of critical importance for the project.” For this reason, the CBRT intends to prioritize studies on the legal and economic framework of the digital lira as well as its technological requirements.
This is good news for crypto adoption! Exciting to see more countries exploring initiatives to expedite the transition to a digital economy. HODLing!
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This will hit the Turks hard. Cash is and will remain the means of finance for the middle class!
It's really strange that USDT hasn't become a legal tender in Turkey
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Why don't they try to adopt usdt instead?
Awesome to see Turkey making progress with CBDCs! The potential of trustless DeFi transactions is incredible and only grows with adoption. Blockchain FTW!
Good for them
Impressive milestone! It's another reminder of the potential of crypto as a revolutionary store of value! 🤑🚀
Wait, wasn't India the first country to launch CBDC?
I'm surprised they've already started doing that.
Wow, this is quite impressive! Seems like crypto and blockchain really are the future of money. 🚀
I thought they were all in Tether.
CBDC = their software, not your coins.
I didn't think it would happen so fast.
USDT will still remain more popular in Turkey
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