Turkey plans to release its digital currency by 2023
Turkey’s new economic development plan contains a number of points related to the blockchain, including the development of a central bank digital currency based on this technology..
The official document presented this week describes the main directions of the country’s economy until 2023. In addition to the basis for the national digital currency, the technology is planned to be integrated into the transport and customs sphere. For this, the authorities will create the necessary legal and technological infrastructure..
Blockchain, combined with artificial intelligence and IoT devices, will also be used to improve social services. How it is not yet known exactly.
Additionally, the government describes a number of initiatives that are not directly related to cryptocurrency and distributed ledger, but will have an impact on the activities of companies associated with them. Among them, the creation of a regulated «sandboxes» and an association specializing in electronic money.
Turkish officials began discussing the idea of launching a central bank digital currency in early 2018, but there has been no previous official confirmation of such plans.. While some government officials are still skeptical about cryptocurrencies in general, a recent Statistica poll showed that around 20% of Turkey’s population had already invested in virtual currency in 2019..
Such development plans are already becoming common practice. According to a recent IMF study, many central banks are considering introducing some form of digital currency to partially replace cash and improve the efficiency of the financial system..
text: Ivan Malichenko, photo: redcdn