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First test of CBDC Digital Turkish Lira was completed successfully

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Indrani bose Follow

INDIA

Dec, 31 2022

Dec, 31 2022

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The first test of the CBDC Digital Turkish Lira was completed successfully. Recently Turkey's central bank CBRT released a statement indicating to carry out more trials through 2023.


The Central Bank of the Republic of Turkey's (CBRT) stated that in the first quarter of 2023, it will continue to conduct restricted, closed-circuit pilot tests with technology partners before broadening them to include a few more banks and financial technology firms in the second half of the year. The results of these tests will be made available to the public through a complete evaluation report.


Distributed ledger technologies will continue to be tested in payment systems and their "integration" with instant payment systems, the CBRT said. Along with its technological requirements, it will also give priority to researching the legal aspects of the digital Turkish Lira, such as the economic and legal framework surrounding digital identification.


CBDC, which is a digital version of a state’s fiat currency, is a project that Turkey's central bank has been working on for years and is backed by a government institution. This is due to their centralization, which is controlled by the government or central bank.


In September 2021, the Turkish central bank announced it was investigating the possibility of introducing a digital Turkish Lira as part of a research project called "Central Bank Digital Turkish Lira Research and Development." The government stated it had taken no final decision regarding the issuance of the digital Turkish lira and at the time, the government had not committed to fully digitizing the nation's money.


Step taken by other nations to test their own CBDC:

Recently, Kazakhstan and the United Kingdom, started testing central bank digital currencies. The Kazakhstan central bank has advocated the establishment of an internal CBDC as early as 2023 with a staggered rollout over three years. The Bank of England has opened applications for a proof of concept for a CBDC wallet.


As per a report, the central bank of Japan is planning for a CBDC trial with the nation's megabanks last month. A phased pilot of the Reserve Bank of India's proposed digital rupee has been proposed in the interim. Comparing the major economies, China is by far the most advanced because its people can already use the digital yuan.


The Reserve Bank of Australia (RBA) recently expressed hesitancy about its own CBDC plans. The assistant governor of the Reserve Bank of Australia (RBA), cautioned in a speech given recently that a CBDC could displace the Australian dollar and cause people to completely avoid commercial banks.


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Indrani bose

CBW - External Analyst

INDIA

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