The Central Bank of the Republic of Turkey (CBRT) recently released an English translation of its report on the Central Bank Digital Turkish Lira Research and Development (R&D) Project's first phase.

This phase, initiated in 2021, focused on establishing a robust foundation for the digital currency, including digital identity, currency mechanism, and an abstraction layer for system modularity.

Notably, the CBRT successfully conducted trial transactions using the digital Turkish lira in 2022, marking a significant milestone.

The project emphasises an intermediated CBDC with self-sovereign identity and offline transaction capabilities.

Supported by the Digital Turkish Lira Collaboration Platform, involving local tech firms and research entities, the project aims to advance Turkey's digital currency ambitions through collaborative efforts.