In a bid to make the Turkish lira go digital, The Central Bank of the Republic of Turkey (CBRT) has signed memoranda of understanding with three domestic research and technology companies that will form the Digital Turkish Lira Collaboration Platform.

In September, this major research and development project was announced. The Companies in this project would likely be added as the project expands.

The companies who have signed the deal are Aselsan, a major defense corporation, Havelsan, a software and systems developer operating in defense and IT sectors, and TÜBİTAK Informatics and Information Security Research Center.

The companies would be aiding CBRT in research and development by developing and testing models for Digital Turkish Lira. The announcement by the bank mentioned the usage of “blockchain technology, distributed ledgers in payment systems, and integration with instant payment systems” at a later stage.

Earlier this year in the summer, The Turkish bank, to promote the Turkish Lira, banned and discouraged the usage of cryptocurrency payments and reduce the range of financial services available to crypto businesses.

The results of the CBRT’s project are expected around 2022. The Bank will then decide the future of the Turkish Lira. The bill designed to establish regulatory clarity around digital assets still awaits a parliamentary vote.

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