The first phase of testing for the Central Bank of Turkey’s digital currency has been completed, and further testing of the digital lira is scheduled for the upcoming year.
According to the announcement, testing in later stages will concentrate on utilizing distributed ledger technology in payment systems and fusing this technology with instant payment systems.
For a number of years, the Central Bank of Turkey has been creating its own Central Bank Digital Currency (CBDC), a digital version of the nation’s legal tender.
In contrast to cryptocurrencies like Bitcoin and Ethereum, which are decentralized and not under the control of a single entity, CBDCs are digital assets that are issued and backed by a central bank. The central bank has overall control over CBDCs.
Source: Al Bawaba