Legal AlertDigital Turkish Lira Cooperation Platform

17 September 2021

The Central Bank of Turkey has announced a press release in relation to the creation of the Digital Turkish Lira Cooperation Platform within the scope of the Ar-Ge Project!

On 15 September 2021 the Central Bank of Turkey announced on its 2021-40 numbered press release that The Central Bank of Turkey “Digital Turkish Lira Cooperation Platform” was established considering the bilateral memorandum of understandings signed with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM. It was also stated in the press release that the platform is planned to be expanded with new participations in the light of relevant pre-application tests.

In the light of this release;

  • Within the scope of the first phase implementation studies, the prototype “Digital Turkish Lira Network” will be established, and narrow-scope and closed-circuit pilot application tests will be carried out with the acknowledged technology stakeholders.
  • Afterwards, in line with the results obtained, more comprehensive tests on topics such as blockchain technology, use of distributed structures in payment systems, integration with instant payment systems, that may further diversify and develop the Ar-Ge Digital Turkish Lira project, are planned on to be conducted.

The Central Bank of Turkey has not made an official and financial announcement regarding the use and validity of the Digital Turkish Lira yet. Following the capacity measurements of different technological alternatives are completed and the architectural setups are finalized, the question of whether the existing technologies can meet the economic, legal, and financial requirements of the digital Turkish lira is to be deduced.

The results of the first phase will be shared with the public in 2022, following the completion of the tests.

You may reach the full Turkish version of the press release via the link below: