President of Turkey Says Country is Finalizing Its Digital Lira Currency Testing By 2020

Recep Tayyip Erdogan, the current president of Turkey, has recently affirmed that the government is testing its central bank digital currency (CBDC) project and that the project is set to be finished by 2020. According to him, the country will have a digital lira next year and the system will be in accordance with the 2020 Annual Presidential Program.

This program delimitates that the pilot for a blockchain platform that enables instant payments will be created by the central bank, together with the local innovation agency. The experiment should be conducted and finished by the end of 2020 and that.

Cointelegraph, which also reported on this story, affirms that the launch of the token is part of a larger campaign to strengthen the economy of the country and the financial sector.

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.”

The new CBDC is not the only plan for the upcoming presidential program. It was also decided that the country should be more focused on implementing the blockchain to improve adoption in the country and innovate more.

Because of this, the government is interested in using this technology for customs and transportation, too, two areas in which the blockchain has been used with success for some time. There are public plans to use it in these areas since September when the first plans were announced.

Obviously, this is attracting the interest of the crypto and blockchain industry. This month, the Turkish Capital Markets Summit 2019 will have the presence of leaders in the industry such as Changpeng Zhao, the CEO of Binance, the largest crypto exchange in the world.

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