Turkey Publishes New Road Map, Including a Possible Central Bank Digital Currency with Blockchain Tech

  • A new road map for the economic growth of Turkey has been published.
  • While not specifically meant for goals in the cryptocurrency and blockchain industry, the changes could still positively impact this technology.

The government of Turkey recently created an economic road map for their future, and it looks like the country is interested in keeping cryptocurrency around. Multiple items have been found on the road map that includes the use of blockchain technology. More specifically, there is a bid that would allow the central banks to establish their own digital currency with blockchain.

Anyone can find the Eleventh Development Plan on the official website for the government, where it shows that the road map was submitted on July 8th to the Turkish Parliament. The plan covers from 2019 to 2023, predominantly as a way for Turkey to gain some direction on the best way to improve their economy.

Within this plan, there are many goals that the Turkish government has set forth. However, the subject that has gotten a lot of attention in the crypto community is blockchain technology. The plan states that a “blockchain-based digital central bank money will be implemented,” based on the transaction.

Within the document, to help with the use of blockchain for “transport and customs,” the government also states that they plan to develop infrastructure for the legal and technological side. Blockchain is one of the newest approaches that the government plans to use, along with connected devices and artificial intelligence, for the enhancement of public services. However, the plan does not state how blockchain will be specifically applied.

At this point, there is little known about the potential central bank digital currency either, apart from the fact that the government has been working to make a national digital asset called Turkcoin into a reality for a year. Reports from last year indicate that lawmaker and deputy chair of the Nationalist Movement Party, Ahmet Kenan Tanrikulu, brought the original idea to the table. He also served previously as the Industry Minister.

Even though the Eleventh Development Plan is not specifically amounting cryptocurrency and blockchain, the described changes that the economy will expect will likely benefit these industries. A prime example is a fact that the government wants to introduce a Regulatory Experiment Area and an Association of Payment Services and Electronic Money Institutions. The government also plans to launch the Istanbul Finance and Technology Base. While banks in Turkey have historically partnered with cryptocurrency exchanges, the institutions often create strict policies surrounding onboarding policies.

Only days ago, governor Murat Cetinkaya was fired by Turkish President Recep Tayyip Erdogan. The Financial Times reported that the latter will be offering more support to the economy via the central bank.

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