What is the digital Turkish lira?
The digital Turkish lira (dijital Türk lirası) is the subject of TCMB‘s Central Bank Digital Turkish Lira Research and Development Project: a central bank digital currency that would be the digital form of central bank money. It is a research and pilot project. TCMB said in 2021 that it had made no final decision on issuance, and its November 2025 report states that a third phase, with the legal processes, will start only if a circulation decision is made.
Timeline from official statements
- 15 September 2021: TCMB signs memorandums of understanding with ASELSAN, HAVELSAN and TÜBİTAK-BİLGEM and sets up the Digital Turkish Lira Collaboration Platform.
- 29 December 2022: the first payment transactions on the Digital Turkish Lira Network are executed.
- End of 2023: the first phase is completed and the second phase begins, focusing on programmable and offline payments and on bringing financial intermediaries into the system.
- 3 September 2025: TCMB invites banks, payment institutions and e-money institutions, working with technology providers, to propose projects; successful applicants become eligible for joint sandbox tests.
- 24 November 2025: TCMB publishes the Second Phase Progress Report.
Design choices so far
TCMB has adopted a two-tier structure: the central bank would issue the digital money and financial intermediaries would give users access. While a final decision is yet to be reached, the main scenario is a non-interest-bearing model, and banknotes and digital money would coexist if the digital lira is put into circulation.
Can the digital Turkish lira be used today?
No. As of TCMB’s November 2025 report the project is in its second phase and no circulation decision has been made.
Can fintechs take part?
Under TCMB’s September 2025 call, banks, payment institutions and e-money institutions could present projects together with technology solution providers and, if accepted, test them with TCMB in the sandbox.
Related: Stablecoin, FAST, E-Money.