Turkish Central Bank completes first digital lira payment transaction trial

The Central Bank of the Republic of Türkiye has completed the first trial of its central bank digital currency (CBDC), the Digital Turkish Lira.

"In the scope of the first-phase studies of the Digital Turkish Lira Project, conducted under the leadership of the first payment transactions on the Digital Turkish Lira Network were executed successfully," the country's central bank said in a press release on December 29, per Cryptonews.

Türkiye is not the only country exploring the use of central bank digital currencies. In fact, many countries are considering the implementation of digital fiat as a means of modernizing their financial systems and increasing financial inclusion. China, for example, has been at the forefront of the CBDC movement and has recently expanded its digital yuan pilot to include additional cities. Additionally, Hong Kong and Mainland China are set to launch the first cross-border pilot project for the digital yuan

The National Bank of Ukraine introduced a draft concept for its CBDC, digital hryvnia, or e-hryvnia, at the end of November, and at that time India's central bank said it would undertake the first pilot for retail digital currency on December 1, with four local banks and four major cities participating in the pilot. Furthermore, the Japanese central bank could begin piloting the digital yen as early as spring 2023 and will reportedly start a trial involving “consumers and private sector companies.”

It is expected that more nations will begin exploring the use of central bank digital currencies in the near future.