December 5, 2022

Turkish Central Bank Plans to Launch Digital Turkish Lira in 2023

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Turkish Central Bank Plans to Launch Digital Turkish Lira in 2023

According to the annual plan presented by the Office of Strategy and Budget of the President of Turkey, the country's central bank plans to launch its own digital currency as early as next year.

The document states that the statethe blockchain-based stablecoin will be implemented with the help of financial and research institutions with the support of the government of the country. In September 2021, the Central Bank already stated that it was exploring the possibility of launching a digital Turkish lira in addition to the existing payment infrastructure.

The regulator noted that the digital currency willintegrated with the FAST payment system. The directive also states that the Central Bank will continue to conduct research, development and testing of the state cryptocurrency, cooperating with commercial banks.

However, the Central Bank of Turkey takes a tough stance inregarding digital assets. In April last year, the regulator banned the use of cryptocurrencies to pay for goods and services. Despite this ban, Turkish citizens can make transactions on cryptocurrency exchanges.

In addition, Turkey has seen an increasecrypto assets trading volume - more than a million transactions per day. This is due to the fall of the local currency, the Turkish lira, which is why citizens are turning to cryptocurrencies in an attempt to save their savings.

At the same time, the Turkish government is friendlyrefers to the blockchain and believes that its capabilities can be used to educate and employ citizens. Recently, the Turkish authorities announced the development of a blockchain-based e-Human project, through which data can be exchanged.