Turkiye's legal efforts for digital form of lira gain momentum

The Digital Turkish Lira project, led by the country’s central bank, is entering a new phase next year, when simulations of the digital currency will be completed as part of its impact analysis.

The central bank will determine the technical requirements for the exchange of securities with the digital lira and draw up regulations. Proof of concept analyses will be done on the use of the digital currency in tokenised securities exchanges, according to domestic media reports.

The central bank made a call for the digital Turkish lira ecosystem participation project in September this year. It will soon publish a progress report for the second phase of the project.

The call aimed at encouraging banks, payment and electronic money institutions, and technology solution providers to develop innovative uses for the currency in various categories.

ALCHEMPro News Desk (DS)