As discussions continue on the digital dollar and the digital euro, there was a move from Turkey. The Central Bank of the Republic of Turkey announced the establishment of the “Turkish Lira Digital Cooperation Platform”.
TCMBC announced that it has signed a memorandum of understanding with Aselsan, Havelsan and Tübitak-Bilgem for the development process and test studies of the digital lyre.
The following statements were used in the statement:
“The Central Bank of the Republic of Turkey (CBRT) continues to explore the possible contributions of the digital circulation of the Turkish lira as a complement to the existing payments infrastructure. The process, which began with the completion of proof-of-concept work within the scope of the Central Bank’s Digital Turkish Lira Research and Development (R&D) project, is being taken to the next stage with stakeholder participation. In technology.
The technology research, development and testing processes of the Central Bank’s digital Turkish lira R&D project will be carried out in close cooperation with the participation of technology stakeholders. In this direction, the Central Bank; ASELSAN signed bilateral MOUs with HAVELSAN and TÜBİTAK-BİLGEM and created a “Turkish lira digital cooperation platform”. In light of the findings of the first phase, in which the pre-application tests of the strategic and critical technologies related to the project will be carried out, it is planned to expand the platform with new participations.
Within the scope of the first phase pilot implementation studies, a prototype “Digital Turkish lira network” will be established at the CBRT and closed-loop and limited-scope implementation pilot tests will be conducted with stakeholders from the technology. In line with the results obtained, new phases will begin in which pilot tests of greater dissemination and participation will be carried out. It is also planned to carry out tests that may require diversity within the scope of the digital Turkish lira R&D project on topics such as blockchain technology, the use of distributed structures in payment systems, integration with instant payment systems.
The CBRT has not made a final decision regarding the circulation of the digital Turkish lira. All studies are carried out on the principles of experimental R&D activities. Once the capacity measurements of the different technological alternatives are completed and the architectural configurations are finalized, the objective is to determine whether the existing technologies can meet with the economic, legal and financial requirements of the digital Turkish lira. “