Turkey central bank has countersigned with various firms to create the Digital Turkish Lira Collaboration Platform.
The Central Bank of the Republic of Turkey (CBRT) has taken major steps with a research and development project that can lead the Turkish lira to become digital.
CBRT announced on 15th September 2021 about the signing of the agreement of understanding with three domestic research and technology companies that will help to form the “Digital Turkish Lira Collaboration Platform.” The number of participants in the project is expected to expand as the project proceeds.
The three original technology stakeholders include Aselsan, Havelsan, and TÜBİTAK. These are the major defense corporation, software, and systems developers operating in the defense and IT sectors, and Informatics and Information Security Research Center respectively.
These participants will help CBRT in the process of developing and testing the prototype digital lira network. The announcement does not contain any clear information about the technological infrastructure underlying the project, it mentions that it will embrace “blockchain technology, the use of distributed ledgers in payment systems, and integration with instant payment systems”.
The digital lira project doesn’t make a commitment to the ultimate digitization of Turkey’s currency. The announcement said, “The CBRT has made no final decision regarding the issuance of the digital Turkish lira.”
The results of this process are expected to be out by 2022, then CBRT will decide if the technology is fulfilling the standards required for further implementation.