Digital Lira

Link to announcement: www.tcmb.gov.tr

Link to announcement: www.tcmb.gov.tr

Link to announcement: www.tcmb.gov.tr

Link to announcement: tcmbblog.org

Proof of concept → Pilot

Technology Provider: TÜBITAK

DLT / non-DLT: DLT

Link to whitepaper: www.tcmb.gov.tr

Link to announcement: www.tcmb.gov.tr

Link to announcement: www.sbb.gov.tr

Research → Proof of concept

Description: They started the research in 2018 when steep decline in its monetary value suggested that it would undergo an economic crisis following high inflation and increasing borrowing costs. In an attempt to place measures against such an incident again, Turkish President Recep Tayyip Erdogan planned to bolster the country's economy through the creation of the national central bank digital currency Digital Lira. → For the first phase of the pilot study, the CBRT will develop a prototype "Digital Turkish Lira Network" and run limited closed-circuit pilot tests with technology stakeholders. Based on the results of those tests, the CBRT will unveil advanced phases of the pilot study that will reflect a broader participation. The CBRT also plans to carry out tests that may diversify the coverage of the Digital Turkish Lira R&D Project into areas such as blockchain technology, the use of distributed ledgers in payment systems, and integration with instant payment systems. The results of the first phase will be announced in 2022 after the tests are completed

Link to announcement: www.tcmb.gov.tr

Main motivation/goals of the CBDC: The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul's goal of becoming an attractive global financial center.

Link to announcement: tokenpost.comasiatimes.comnews.bitcoin.comblockchain.newsdagcoin.org

None → Research

Announcement Year: 2018

Retail/Wholesale: Retail

Structure: Token

Description: They started the research in 2018 when steep decline in its monetary value suggested that it would undergo an economic crisis following high inflation and increasing borrowing costs. In an attempt to place measures against such an incident again, Turkish President Recep Tayyip Erdogan planned to bolster the country's economy through the creation of the national central bank digital currency Digital Lira.

Country / Region: Turkey

Central Bank(s): Central Bank of the Republic of Turkey