The Central Bank of the Republic of Turkey (CBRT) released a statement that included a thorough report on the digital Turkish Lira.
The Central Bank of the Republic of Turkey (CBRT) published a thorough assessment report that detailed the first phase of the Digital Turkish Lira Project’s research. The methods used in the project and the outcomes of the pilot tests are detailed in this report.
Phase one included conducting pilot application testing in certain areas and collecting data on user experience and system performance. In the report, the stakeholders of the Digital Turkish Lira Cooperation Platform and the CBRT discussed the results of the research and development studies conducted during the first phase of the project.
According to the research, the digital Turkish Lira is only a digital representation of the traditional Turkish currency and not a cryptocurrency in and of itself. Core systems in Phase 1 experiments included digital money and digital identification. It was decided to employ distributed ledger technology (DDT) to assess the prospects provided by emerging technologies.
The study states that the digital identity system, digital money system, abstraction layer, service layer, and wallet application were identified as the fundamental components within the scope of Phase 1. These parts were made and checked using free and open-source software in accordance with research and development standards.
According to the research, the digital Turkish lira is anticipated to reduce expenditures associated with money in circulation and currency emissions. It was pointed out that just because a model uses DDT doesn’t imply it is decentralized.
The future stages will see the continuation of research and development efforts, as well as discussions on legal and economic aspects, offline payment methods, smart payments, and other forms of the Turkish lira.
The Digital Turkish Lira Project’s Phase 2 includes a number of well-planned enhancements. Some examples of these enhancements include the ability to integrate with brokerages, make smart payments, pay offline, and use hardware wallets. Important objectives during this phase of the project are compatibility and good performance. Lastly, Phase 2 will cover a number of concerns, including the economic and legal dimensions of digital money.
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