The Central Bank of the Republic of Turkey drafts local tech firms to help CBDC research.

According to a press release, the Central Bank of the Republic of Turkey (CBRT) has drafted several local technology firms to help develop a platform for its digital Turkish lira. The central bank has already signed agreements with local tech firms to help develop the technology, in what has been seen as a significant step forward for the plans that could ultimately see a central bank digital currency (CBDC) in circulation within the country.

The pool of developers participating in the program is expected to increase.

Three domestic partners were identified and invited to sign a memorandum of understanding with the bank, to develop the “Digital Turkish Lira Collaboration Platform.” The pool of developers participating in the CBDC program is expected to increase over the months ahead, with the central bank thought to be keen to call on a wide range of expertise. The three initial partners are defense firm Aselsan, IT and defense giant Havelsan and TÜBİTAK Informatics, and Information Security Research Center.

Turkey has made no final decision regarding the issuance of the digital Turkish lira.”

The central bank stopped short of a commitment to roll out the eventual digital currency, saying that it “has made no final decision regarding the issuance of the digital Turkish lira. Trials are expected to run until some time in 2022 when they will be assessed to determine whether the technology is sufficiently robust to be implemented more widely across the Turkish economy. The move comes at a time of increasing interest in CBDCs from central banks worldwide, including China, the United States, Europe, and beyond, with numerous countries in the process of developing their own CBDC solutions.