In April 2021, the Turkish Central Bank announced its plan to launch a digital version of the national currency, the digital lira, as part of the country’s efforts to modernize its payment infrastructure.
The Bank emphasized that this move towards tokenization will improve the ease of use of the currency for both individuals and businesses.
The Bank has completed the first phase of testing and plans to expand digital currency trials by involving commercial banks and payment system operators in transactions using the token.
The decision to accelerate the launch was motivated by the quick decline in the value of the national currency.
According to the Central Bank, integrating the token into the financial system will not only transform and make it more convenient for the public and businesses, but also stabilize the economy.
The Central Bank’s partners in this project are the Bank for International Settlements (BIS) and the International Monetary Fund (IMF).
