- Turkey revealed the launch of a pilot test program for its digital currency after Q2 2021
- The president of Turkey found that CBDC could be one of the ways to recover their economic issues
- The country has plans to continue the development process competitively with other involved nations
- Turkish residents already have a good use case experience of digital currencies
Another nation came up focusing their efforts on central bank digital currency’s (CBDCs) development in the coming years. Türkiye Cumhuriyet Merkez Bankası (TMBC), the central bank of the Republic of Turkey (CBRT) has launched a CBDC research and development project. The announcement report was revealed from a Turkish media outlet Koin Bülteni. According to the report, the CBRT has completed its concept phase and targets to launch a pilot test program after Q2 2021. However, the details of the CBDC project are yet not available.
The CBDC project can help the country to recover its economy
A couple of years back, Lira, Turkey’s national fiat currency, suffered an enormous decline in value. Since then, Recep Erdogan, the current president of Turkey, is trying to avoid a similar decline and improve the nation’s economy. However, to improve the economy, Erdogan has chosen to create a CBDC as one of the ways. Earlier a Turkish national publication Resmi Gazette revealed that Erdogan had provided directives for the nation to finish setting up the preparation of the nation’s digital currency before the end of this year.
The R&D team needs employees to compete with other nations
The Turkish Financial Innovation unit is looking for ten assistant experts for the Research and Development team to achieve the goal. To feel the quota of 10 individuals, the authority will take an aptitude test following a written vocational exam. However, where countries like China, USA, and Britain continue the research for such a currency, the TMBC is planning to continue its process competitively.
Cryptocurrencies are somewhat common among Turks
Blockchain and digital currencies are no stranger among the Turkish residents. As the inflation soared due to the global pandemic, the Turks, turned towards digital currencies to protect their savings value. However, PayPal, which backed the recent bull run of Bitcoin, is banned in the country since 2016. According to several residents of the country, as per the current scenario, they want to allow PayPal in the country more than implementing CBDC. However, it is known that moving towards the pilot test phase for the Turkish national digital currency, came after the country realized that the nation is already having a good taste of virtual currencies.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?