Turkish Central Bank Runs First CBDC Tests

Dec 30, 2022

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Turkey’s central bank announced that it had completed the first set of tests for its long-planned digital currency.

The Central Bank of the Republic of Turkey (CBRT) that it plans to continue running tests for its digital lira next year.

Press Release on the Use of Digital Turkish Lira:

— CentralBankofTürkiye (@CentralBank_TR)

“In the first quarter of 2023, the CBRT will continue its small-scale, closed-loop application pilot tests conducted with technological stakeholders. The test results will be made public in a comprehensive evaluation report,” the bank said in the statement.

In 2023, the Turkish digital lira will move to advanced stages where the central bank will conduct pilot tests with broad participation, including banks and financial technology companies, the CBRT added.

“Studies on the legal dimension of the digital Turkish lira show that digital identification is of vital importance for the project. Therefore, studies on the technological requirements and the economic and legal framework of the digital Turkish lira will be prioritized throughout 2023,” the bank stated.

Turkey ranks first among the users of the largest crypto exchange, Binance.

Turkey’s inflation rate recently surpassed 83%, a 24-year high, though some researchers estimate the inflation rate to be significantly higher. The lira also reached a record low against the U.S. dollar amid the government’s unorthodox policy of cutting interest rates. Critics blame the government’s monetary policy for inflation, while the government has pointed to attacks by “foreign financial tools.”
In Istanbul, the pain is real and anecdotes abound. A restaurant’s menu prices increase frequently. Rent jumps five times from one year to the next. It is nearly impossible, I am told, for a local, white-collar worker to buy a house. Even the crypto roller coaster starts to look like a more sound investment strategy. At times the Turkish lira has, in fact, proved to be more volatile than bitcoin.

There are about 8 million individuals who actively invest in crypto. If you consider immediate family members, that’s about 14 million people.

Due to the devaluation of their money, many people are already using crypto. Crypto acceptance is high in Turkey, but will people trust a government-issued digital currency?

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Micky Gene
I am a crypto expert, blockchain analyst. I am diving deep in digital world for finding the most promising projects, looking for a better future. Being from a Finance background, I efficiently write Price Analysis. Apart from writing, I am playing football.