Türkiye is creating a national cryptocurrency – digital lyre

In 2021, Türkiye will begin testing a Central Bank Digital Currency (CBDC). Thus the government planscurb rising inflation.

All methods are good to contain inflation

President of the Central Bank of the Republic of Turkey Naci Agbal said that testing of the digital lira will begin in the second half of 2021. This was reported by CNN Turk.

According to Agbala, the Central Bank and the governmentcountries will do their best to keep inflation at 5%. In order to achieve this goal, the Central Bank will take several actions: it will revise its monetary policy, launch its own digital currency, and also replenish its own reserves with foreign currency.

«If we are going to accumulate foreigncurrency, then it will be transparent. We will announce this in advance. We have established another criterion here. We will not react to market behavior with lightning speed, but will monitor its development and only then make decisions»- said Agbal.

Talking about the current balance sheet of the Central Bank, Agbalstated that today it includes 717 billion Turkish lira, domestic assets are estimated at 200 billion Turkish lira. As for the gold reserves of the Central Bank, at the moment they are estimated at 42 billion dollars, foreign exchange reserves - 49.8 billion dollars. In total, reserves amount to $ 91.8 billion.

Let us remind you that in the current year 2020, Turkey has made significant progress in the adoption of cryptocurrency. This was largely due to inflation, which reached a record high of 11.45%.

Cryptocurrency adoption is a forced measure

Türkiye spoke for the first time about accepting cryptocurrencyback in 2017, after the lira lost nearly half its value. The main reason for the decline was the conflict with the former US president and the introduction of increased prices for Turkish steel (50%) and aluminum (20%).

Saving their savings from inflation, Turks began to buy Bitcoin and other currencies en masse. Today, Türkiye ranks first in the world in the number of retail cryptocurrency holders.

The number of bitcoin holders in Turkey is increasing every day. Also, the Republic can become a leader in the cryptocurrency sector throughout the Middle East.

“Turkey definitely has the potential to become the epicenter of the cryptocurrency”Said Vidal Arditi, co-founder of BiLira stablecoin.

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