Guide · Türkiye
The digital Turkish lira: design and developments
Chronology
The CBRT began proof-of-concept work.
Phase one work began; cooperation with technology partners was carried out.
The pilot tests of phase one were completed.
The Digital Turkish Lira First Phase Evaluation Report was published.
First stage of the call to join the ecosystem: 85 project applications from 16 banks and 25 payment and electronic money institutions.
Second-stage applications and presentations from the 51 projects that passed the first stage.
The Digital Turkish Lira Second Phase Progress Report was published. The report states that no decision on circulation has yet been taken.
23 projects from 12 banks and 6 payment and electronic money institutions moved to the third stage, in which development and sandbox testing will be carried out. Categories: tokenisation (15), programmable payments (17), user-sovereign identity (7), interoperability with existing systems (15), machine-to-machine payments (1).
How is it planned to work?
- Two-tier structure
- According to the CBRT's reports, the central bank will be responsible for issuing digital money, while banks and payment institutions will be responsible for user access and wallet services.
- Identity and privacy
- According to the second phase report, the CBRT's Digital Money System does not contain individuals' identity information; identity information is held by the intermediary institution chosen by the user. The CBRT's information page for Ödemelerin Merkezi states that privacy will be protected "to the maximum extent".
- Offline payment
- The report aims at payment without internet or mobile networks; it refers to payment information shared by smart card and QR code, and states that offline use will not be limited to "mandatory situations".
- Access
- According to the Ödemelerin Merkezi page, if put into circulation, the digital Turkish lira could be used without preconditions such as age or holding a deposit or payment account.
- Holding limit
- The report does not give a specific amount; it refers to analyses showing that no systemic risk arises where limits are set in line with user behaviour.
- Programmable payments
- Of the 23 projects moving to the third stage, 17 relate to programmable payments. The Ödemelerin Merkezi page states that the CBRT will have no authority over how citizens use the digital Turkish lira.
What it is not
- It is not a cryptocurrencyIts issuer is the central bank, its value is the Turkish lira, and it does not fluctuate. Crypto-asset service providers were brought under the supervision of the CMB (SPK) by Law No. 7518 in 2024; this regime targets private issuers, not central bank money.
- It is not a bank depositMoney in a bank account is the bank's debt to you (Banking Law No. 5411). The digital Turkish lira, by contrast, is designed as direct central bank money.
- It is not electronic moneyElectronic money is issued by payment and electronic money institutions (Law No. 6493). The issuer of the digital Turkish lira is the CBRT.
- It is not intended to replace cashThe Ödemelerin Merkezi page describes the digital Turkish lira as an option that does not compete with existing payment methods but complements them.
Legal framework
The CBRT's 2023 First Phase Evaluation Report itself records that changes to legislation will be needed for circulation:
"All the regulations required in our legislation, primarily the Law No. 1211 on the Central Bank of the Republic of Türkiye, will need to be made for the circulation of digital money."
The second phase report also states that the legal arrangements will be carried out in a third phase, should a decision on circulation be taken.
Under Turkish law today, monetary instruments are regulated by separate laws: banknotes by the CBRT Law No. 1211, bank deposits by the Banking Law No. 5411, electronic money by Law No. 6493, and crypto-asset service providers since 2024 by Law No. 7518. The digital Turkish lira fits none of these categories exactly.
Academic assessment: Tarık İsmet Alkan’s completed ASBU master’s thesis The Issuance Authority and Legal Nature of the Digital Turkish Lira argues that issuance authority and legal tender status should be established together through an explicit statutory provision. The thesis examines phased mandatory acceptance that accounts for access to digital payments, the definition of the user’s right, and a provision that could be added to Law No. 1211. The legal foundation of the research.
What is not yet defined
- Whether and when a decision to put it into circulation will be taken.
- Which public institution may access records, under what conditions and by what decision, and who will supervise that access.
- The amount of the per-person holding limit.
- The amount that can be held offline and what happens if a card is lost.
- The route for objection and refund in cases of erroneous payment, fraud and disputes.
- By whom, with what consent and within what limits programmable features will be used.
CBDC-SPAR aims to measure what safeguards people expect in the face of these uncertainties. The four dimensions measured by the research and short answers to citizen questions you may browse.
Sources
- Central Bank of the Republic of Türkiye (2023). Digital Turkish Lira First Phase Evaluation Report. tcmb.gov.tr
- Central Bank of the Republic of Türkiye (24 November 2025). Digital Turkish Lira Second Phase Progress Report. tcmb.gov.tr
- Central Bank of the Republic of Türkiye (3 August 2026). Press Release on the Results of Applications to the Call to Join the Digital Turkish Lira Project Ecosystem (2026-33). tcmb.gov.tr
- Ödemelerin Merkezi. Digital Turkish Lira information page. odemelerinmerkezi.org
- Alkan, T. İ. (2026). A public law architecture for the Digital Turkish Lira: issuing power, fundamental rights safeguards and financial stability mechanisms (Master's thesis). Ankara Social Sciences University, Department of Information and Technology Law.
This page is for information only; it is not legal or financial advice. For official information, the CBRT's own publications are the primary reference.