February 22, 2024

Turkey will launch a digital lira by the end of 2020

Turkey will launch a digital lira by the end of 2020

Turkey is working on issuing a blockchain-based national digital currency.

Central Bank of Turkeylaunched the implementation of the Economic Roada card submitted by the government this summer. As part of the so-called “Eleventh Development Plan”, testing of the digital lyre should be completed by the end of 2020.

Government is not limited to just digitalcurrency. The plans include the development of a special platform for instant transactions with digital lyre and the creation of legal and technological infrastructure for the use of blockchain technology in various areas of the economy.

Turkish President Recep Tayyip Erdogan is confident that a digital national currency will allow the country to boost its economy and influence in the international arena. 

Turkey has not yet passed legislation toregulation of the crypto industry, but according to a survey by Statista Global Consumer Survey, has become a world leader in the adoption of cryptocurrencies. Every fifth Turk said that he had once used or currently owns cryptocurrency. The country has confidently joined friendly cryptocurrency jurisdictions.