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State cryptocurrency in Turkey: the Central Bank takes the leap of MNBC

Ongoing trials – As of 2019, the Turkish President Recep Tayyip Erdoğan announced the issuance of a central bank digital currency for the country for the following year. The project has been delayed, but it is progressing with the first transactions which has just been made with the Turkish digital lira.

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The pilot studies on the digital Turkish lira

In a communicated on December 29, the Central Bank of Turkey announced that it had carried out the first payment transactions on the network supporting digital Turkish reading. These transactions were carried out within the framework of the first phase studies. The Central Bank said it would continue its “limited pilot tests in closed circuit” during the first quarter of this year.

The tests that will be carried out will focus on different use cases, at the stage of using distributed ledger technologies for payment systems or the integration of these technologies with systems instant payment. A full evaluation report of the findings of these tests will be made available to the public.

In 2023, the Central Bank will open the collaborative platform around the digital Turkish lira to banks and to selected companies in the fintech to involve them. Other players will join these tests during the advanced phases of the pilot study, which the institution will communicate in the future.

States point to central bank digital currencies as a weapon to compete with cryptocurrencies. Did the latter think they would be banned from the country as the launch of a digital Turkish lira approached, especially in view of the ambiguous relationship that the country’s authorities have with cryptocurrencies ?

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