Turkish President Recep Tayyip Erdogan said the government will finish testing digital currency from the Central Bank of the Republic of Turkey in 2020.
The Turkish Central Bank plans to release a digital lira in accordance with the annual presidential program at the end of next year. Along with the launch of its own cryptocurrency, the government is going to begin developing a special platform for making instant payments with a digital lira. The Turkish Council for Scientific and Technical Research (TUBITAK) will also work on the project.
According to Erdogan, the launch of the state cryptocurrency will strengthen the country's economy and its influence in the international arena. The main goal of launching the digital lira is to create a financial sector with various tools to expand the investor base and reduce costs. In addition, thanks to the advent of its own digital currency, Istanbul can become one of the world financial centers with attractive conditions for new investors.
It is worth noting that the Turkish authorities are interested not only in the issuance of digital currency, but also in the use of blockchain in various fields: logistics, customs, and public services. According to a study conducted this summer by the German company Statista, Turkey became the world leader in accepting cryptocurrencies - they are used by about 20% of the country's population.
In September, the Turkish government shared plans to create a state system using blockchain technology. Recall that a week ago, Chairman of the China Center for International Economic Exchange (CCIEE) Huang Qifan said that the People's Bank of China will be the first to issue a state cryptocurrency.