The president of Turkey Recep Tayyip Erdogan said that the government should finish testing the national central bank digital currency (CBDC) in 2020.
On Nov. 5 Cointelegraph Turkey reported that Turkey’s national blockchain-based digital lira is planned to be issued by the Central Bank in accordance with the 2020 Annual Presidential Program.
Digital Lira Should Be Conducted And Finalized By The End Of 2020
The presidential program specifies that the first trail of the digital lira should be conducted and finalized by the end of 2020.
Further conditions and requirements are published in a document on Nov. 4. by Tukey’s official national publication Resmi Gazete.
The government is reportedly planning to develop a software platform for instant payments based on digital lira. The project will also be involved with the national tech innovation agency- the Scientific and Technological Research Council of Turkey, also known as TUBITAK.
As reported by Cointelegraph Turkey, the launch of the digital lira is part of the country’s objective to strengthen the local economy. The document reads:
“The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul’s goal of becoming an attractive global financial center.”
Turkey Pacing Up On Blockchain
In addition to Turkey’s central bank digital currency (CBDC), the government is also keen on implementing blockchain for transportation and customs as well as in public services and administration.
In September, Tukey’s government announced plans to set up a national blockchain infrastructure to deploy distributed ledger technology within public administration.
Recently, cryptonewspoint reported that Singapore based crypto exchange Huobi will launch a fiat gateway for Turkish lira at the end of the year. Huobi’s fiat onramp for lira will be the first fiat gateway launched by the global exchange, Huobi Global.