Turkey establishes research platform to develop digital currency – Times of India


NEW DELHI: The Central Bank of Republic of Turkey (CBRT) announced on September 15, that it has formed the Digital Turkish Lira Collaboration platform in partnership with technological stakeholders, Bitcoin.com reports.
The objective behind this is to create a digital version of the national currency Lira. Separate agreements have been inked with two defense and technology companies for the same
The collaboration platform will allow Turkey to facilitate the research and development of a digital Lira. The country will now progress from the ‘Proof of Concept’ phase to the next stage of the project. Results from the first phase of the pilot project will be announced in 2022.
According to a press release issued by the Central Bank, the collaboration will work on its next phase in the following direction:
* In the initial part of the new phase, CBRT plans to develop a prototype digital Turkish Lira network and conduct limited, closed-circuit tests with the help of technology stakeholders.
* Based on the results of the aforementioned new phase, “CBRT will unveil advanced phases of pilot study reflecting a broader participation.”
* The bank further said that to diversify the coverage of the digital Lira project, CBRT plans to experiment into these fields: Implementation of blockchain technology, development of payment systems based on distributed ledgers and integration with instant payment systems.
* After the participants of Digital Turkish Lira Collaboration platform complete their evaluation, the government will decide on the way ahead for the development of the digital Lira.
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