The Turkish central bank on Wednesday invited the private sector to join its digital Turkish lira research and development project, signaling plans to promote public-private cooperation in financial technologies.
“The Central Bank of the Republic of Türkiye (CBRT) invites the private sector to join the Central Bank Digital Turkish Lira Research and Development Project (Digital Turkish Lira Project) ecosystem,” the bank said in a written statement.
The CBRT recalled that in its “Digital Turkish Lira First Phase Evaluation Report,” it shared the initial findings of the project as well as the approaches adopted.
“As emphasized in that report, the CBRT considers digital money an important component of the financial technologies ecosystem,” it said.
The bank noted that in the first and second phases of the project, it has worked to establish the digital Turkish lira as a building block for innovative uses in financial technologies. That work continues under the ongoing second phase, and a “Digital Turkish Lira Second Phase Progress Report” will be published in the coming months, it added.
With the latest call, the bank said it aims to “enrich the second phase with projects that develop new use cases in specified categories.”
The call allows banks, payment institutions and electronic money institutions to submit innovative projects in collaboration with technology providers.
Projects that successfully complete the application process will be eligible for joint tests in the sandbox, the bank said.
The CBRT said it ultimately seeks to promote public-private collaboration on financial technologies and the digital Turkish lira.
