Cryptocurrency

Turkey to test national digital currency in 2021

According to the Governor of the Central Bank of Turkey, Nasi Ağbal, the agency plans to test the national digital currency in the second half of next year.

Agbal’s statement came as a surprise – no one knew about the digital lyre project before. Even in the records of the Bank for International Settlements (BIS), there is no evidence that Turkey is working on its state cryptocurrency. However, it has now become clear that Turkey has joined the race to develop a national digital currency and, as it turned out, the project is already at a fairly late stage of creation.

“We launched a project to create digital money. The conceptual phase of the project has now been completed. We plan to launch pilot tests in the second half of 2021, ”Agbal said.

Detailed information about the state digital currency of Turkey has not yet been reported. In September, the local cryptocurrency publication Koin Bülteni reported that the country’s central bank was looking for experts in blockchain and digital currencies to develop its own state-owned cryptocurrency.

Note that Russia is also working to create a digital version of the ruble, which should help companies and citizens of the country in making payments , and reduce the cost of such operations. 

At the moment, China is the leader in the development and implementation of digital currency. There have already passed several stages of testing the digital yuan. At the same time, the Chinese authorities are not positioning the national cryptocurrency as a replacement for global fiat currencies.

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