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ARTICLE · 15 JANUARY 2024

Turkish Lira Enters Into Digital Era!

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In parallel with the development and transformation of the banking sector through technology, Central Bank of the Republic of Turkey ("CBRT") initiated research on the digital Turkish lira ("Digital Turkish Lira")...

TurkeyFinance and Banking
Berk Cin
Berk Cin
Cenk Civan
Cenk Civan
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In parallel with the development and transformation of the banking sector through technology, Central Bank of the Republic of Turkey ("CBRT") initiated research on the digital Turkish lira ("Digital Turkish Lira") in 2020. Subsequently, the CBRT launched Phase-1 studies in 2022 and completed Phase-1 studies and published an evaluation report ("Report") on December 31, 2023.

What is the Digital Turkish Lira?

The Digital Turkish Lira primarily focuses on the transition of the current physical currency used in the existing system (such as banknote, coins) to the digital realm. In other words, the Digital Turkish Lira emerges as the non-conventional form of the Turkish lira as digital currency. The report also emphasizes that the Digital Turkish Lira has a distinct nature compared to crypto assets.

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