Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network

The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials.

Turkey to Widen Participation in Digital Lira Project, Focus on Studying Economic and Legal Aspects

Turkey’s monetary authority has successfully carried out the first payment transactions on the Digital Turkish Lira Network, according to an announcement on Thursday. The operations were executed as part of studies during the first phase of the central bank digital currency (CBDC) 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.

The potential issuing of a “blockchain-based” version of the Turkish lira was first mentioned in President Recep Erdogan’s Annual Program in November, 2019. Two years later, the CBRT deepened research into the matter by establishing the Digital Turkish Lira Collaboration Platform to facilitate the development and testing of the CBDC with technology stakeholders.

Comments

Post a Comment

Popular posts from this blog

BabyDoge: Number of Holders Surpass That of Shiba Inu

Image
Meme coins and dog tokens have become popular among investors. Many people have been drawn to the innovations and their immediate benefits. Dogecoin (DOGE) and Shiba Inu (SHIB) may have started the meme coin movement, but a few other coins have since gained popularity. BabyDoge has received a lot of attention recently as a result of recent developments. The team has been working tirelessly on the BabyDoge Swap mainnet launch, which was deployed on September 21, 2022. Even though all meme coins fall under one roof, there is a spirit of hidden competition between each of them. The battle between BabyDoge and Shiba Inu A new piece of information was shared by the Twitter account BabyDoge , which informs the meme coin community of the most recent developments, such as holder information. The most recent tweet states that BabyDoge has gathered over 11 new hodlers in the past 24 hours alone. In the past hour, #BABYDOGE has gained 11 new holders. Th...
Read more

Bitcoin can hit $40K before BTC price sees 'harsh correction' — analyst

Image
BTC price action heads lower on the day, but strength is still there beyond the short term, says Michaël van de Poppe. Bitcoin (BTC) faced selling pressure at the Feb. 21 Wall Street open as United States' stock markets opened down. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price skids lower with US stocks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to daily lows of $24,324 on Bitstamp. Bearish signals were already in for the pair after it saw swift rejection during its latest attempt to flip $25,000 to support. Amid suspicions over whale movements on exchanges, monitoring resource Material Indicators concluded that the 200-week moving average (MA) at $25,100 needed to become support for Bitcoin to change its long-term trend. "IMO, until we see full candles above the 200 WMA this is still distribution in a bear market rally, and with the bid wall above $24k, shorting from this level has about as much short term risk as long...
Read more

Is LUNC Too Decentralized to Survive? Community Debates Need for a CEO

LUNC is ailing and unable to recover due to the absence of a leadership figure. Crypto analyst argues that fully decentralized blockchains do not succeed. Some members of the LUNC want Binance CEO to take charge of the network. According to experts in the crypto space, the Terra Luna Classic (LUNC) network is ailing and unable to recover due to the absence of a leadership figure in the space. More than once, the LUNC community has pondered bringing Changpeng Zhao (CZ), the CEO of Binance Exchange, to take charge of the LUNC affairs. In a recent YouTube video, prominent crypto analyst Classy Crypto weighed in on the idea of CZ leading LUNC. The crypto analyst first highlighted a recent proposal from the LUNC community about the need for someone to lead the network. Classy Crypto argued that it has been established over the years that fully de central ized blockchains do not succeed. He mentioned that successful networks such as Bitcoin (BTC), Ethereum (ETH...
Read more