The Central Bank of the Republic of Turkey (CBRT) has run its first test transactions on the digital Turkish Lira CBDC network.
The CBRT said it will continue to run limited, closed-circuit pilot tests with technology stakeholders in the first quarter of this year.
According to Finextra, following evaluation of the pilot, the central bank plans to extend the network to banks and tech firms and run architectural tests on the use of distributed ledger technologies and their integration with instant payment systems.
The CBRT added that studies on the economic and legal framework of the Digital Turkish Lira as well as its technological requirements will be prioritized throughout the rest of this year.
Late last year, the central banks of France and Luxembourg concluded an experimental CBDC project to settle a €100m digital native bond.
The so-called ‘Venus initiative’ saw the bond issued by the European Investment Bank under Luxembourg law, and then settled using a tokenised representation of euro central bank money.
The Bank appointed Goldman Sachs, Santander and Société Générale as banking syndication in order to issue and distribute the digital native bonds.
The bond was issued and registered on a permissioned DLT and the subscriptions were cash settled using experimental CBDC tokens issued on a distinct permissioned DLT jointly operated by the central banks.
Bank Indonesia, Indonesia’s central bank, also previously released a whitepaper that underlines plans for its central bank digital currency (CBDC).
The launch of the CBDC plans comes as the company looks to advance digital transformation.
The project – named Project Garuda – will be carried out in three stages, with the wholesale digital rupiah being experimented with first. Bank Indonesia said it will then test the digital rupiah for retail use and then develop use cases for distribution and collection.
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