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The Central Bank of Turkey is completing its first test run of a central bank digital currency, with more to come in 2023

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The Central Bank of the Republic of Turkey (CBRT) has completed its first trial of a central bank digital currency (CBDC), the digital Turkish lira, and announced plans to continue testing throughout 2023.

according to statment Released by the Central Bank of Tunisia on December 29, the central bank authority said it had successfully carried out the “first payment transactions” using the digital lira.

It said it will continue to conduct limited closed-circuit beta testing with technology stakeholders in the first quarter of 2023, before expanding it to select banks and fintech companies in the rest of the year.

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The results of these tests will be shared with the public through a “comprehensive evaluation report,” she said, before revealing more next phases of the study that will further broaden participation.

The Central Bank of Turkey first announce She was looking at the benefits Introducing the digital Turkish Lira In September 2021 in a research project entitled “Research and Development of the Digital Turkish Lira for the Central Bank.”

At that time, the government did not commit to the final digitization of the country’s currency, stating that it “has not taken any final decision regarding the issuance of the digital Turkish lira.”

In its latest statement, the CBRT said it will continue to test the use of distributed ledger technologies in payment systems and “integrate” them with instant payment systems.

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It will also prioritize the study of legal aspects around the digital Turkish lira, such as the “economic framework” and “legal framework” around digital identification, along with its technological requirements.

Related: CBDCs Are No Threat to Cryptocurrencies – Binance CEO

Several countries, including the United Kingdom and Kazakhstan, have recently begun experimenting with central bank digital currencies.

Bank of England Open applications For a proof-of-concept of a CBDC wallet, while the Central Bank of Kazakhstan recommended introducing CBDC internally As early as 2023 With a gradual implementation over a period of three years.

The Reserve Bank of Australia (RBA) recently expressed indecision about its CBDC plans, with Assistant Governor Brad Jones warning in a speech on December 8 that CBDCs could It replaces the Australian dollar And it leads people to avoid commercial banks altogether.

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