Market Analysis Report (30 Dec 2022)

The Central Bank of the Republic of Turkey has completed the “first payment transactions” of its central bank digital currency (CBDC), the Digital Turkish Lira, and has signaled plans to keep testing throughout 2023.

The central bank plans to conduct limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023, before expanding the tests to include selected banks and financial technology companies later in the year.

The results of these tests, it said, will be shared with the public through a “comprehensive evaluation report” before unveiling more of the next phases of the study. The central bank also said it will keep on testing the use of distributed ledger technology in payment systems.

The Central Bank of the Republic of Turkey will also prioritize studying the legal aspects of the digital Turkish Lira, including the economic and legal framework around digital identification and its technological requirements.

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• Source: https://www.cryptocompare.com/email-updates/daily/2022/dec/30/