ISTANBUL

Türkiye’s Central Bank continues its efforts to create the country’s digital currency, the Digital Turkish Lira, as the second phase of the research and development of the project is close to being completed, according to a report.

Türkiye’s Central Bank revealed on Monday that the digital currency is being worked on within the framework of privacy, technological and architectural flexibility, interoperability, the “do no harm” principle, and independence from a single financial institution.

The report states that the goal is to establish an infrastructure and a complementary payment channel for innovative uses, while maintaining the reliability and sovereignty of the digital lira.

The digital currency system was further improved in the second phase of the project, having made progress in programmable and offline payments, as well as in interoperability with the integration of financial intermediaries, digital identification, and cross-border payments.

Work on the technological, legal, and economic aspects of the Digital Turkish Lira is still underway, while the third phase will begin with the circulation of the digital currency.