• Since the beginning of the year, Turkey has been developing its CBDC. 
• The commercial expansion of Turkey's CBDC may start the following year.
• With their CBDC studies, many countries are uniting, including Japan.

While 2022 wasn't very dramatic for the cryptocurrency industry, it did become a significant year for central bank digital currencies (CBDCs). Turkey has joined the CBDC club, which has reached a critical stage in its CBDC trials, as its newest member. 

Before the year 2022 comes to a conclusion, the Central Bank of the Republic of Turkey (CBRT), which began its CBDC trials earlier this year, will have finished the first phase. The Digital Turkish Lira is the name of Turkey's CBDC.

Turkey has been testing its CBDC in closed circuit for the time being. The CBRT intends to introduce this CBDC trial to a few banks and fintech firms in the first three months of 2023, and it will run through the end of the following year. Studies on the legal ramifications of the Digital Turkish Lira show how crucial digital identity is to the project's success.

 Therefore, during 2023, studies on the technological needs as well as the economic and legal framework of the Digital Turkish Lira would be given priority, according to an official announcement from the Turkish central bank. Any country's CBDC, which is based on the blockchain, is only a digital replica of its fiat currency. 

Blockchain networks record all transactions with greater transparency than conventional digital transactions while protecting them from being updated or altered. Financial fraud situations may be prevented via CBDC transactions. Several countries deepened their roots in the CBDC industry this year. For instance, India CBDC trials reached some significant milestones. 

In collaboration with the State Bank of India, ICICI Bank, Yes Bank, and IDFC, India's digital rupee CBDC officially began its retail testing period earlier this month in four cities: New Delhi, Mumbai, Bengaluru, and Bhubaneswar. The CBDC is being tested by the RBI, which is in charge of regulating the digital rupee trials, with a small number of retailers and customers.
The official launch of India's CBDC may occur some time in 2023. China has also started to promote the widespread adoption of the e-CNY CBDC, which it unveiled this year for wider trials.