Turkey to Issue a Blockchain-Based National Digital Currency

Turkey is planning to launch a blockchain-based national cryptocurrency.

Resmi Gazete, Turkey’s only official journal that distributes new enactment and official declarations, published the news on November 4, which states that the initial tests of digital lira ought to be facilitated and settled before the end of 2020.

Digital lira is intended to be issued by the nation’s central bank to fortify Turkey’s economy. “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,” peruses the record.

China is likewise anticipated to launch its cryptocurrency soon, following five years of research and development. A week ago, a group of more than 200 German private banks proposed a digital euro. The U.S. Federal Reserve is also exploring how to incorporate cryptocurrency to its retail payments as it is looking for a manager for the project.