Turkish government will finish first trials of national digital currency by the end of 2020, reported local journal for official announcement Resmi Gazete, on November 4.
According to the 2020 Presidential program signed by Erdogan on November 3, a blockchain-based national digital currency is expected to strengthen the economy of the country.
The digital lira that will be issued by Turkish central bank will be part of a program to establish a “strong institutional structure” adopted for current financial needs and to make the country an attractive financial center globally. The blockchain-based structure of the digital currency will provide low costs and access to different financial instruments, reads the document.
As COIN360 reported earlier, on October 30, The Association of German Banks, which includes giants such as Deutsche Bank, Credit Suisse, and Commerzbank, proposed launching a crypto-based digital euro, “to withstand the competitive pressure from the U.S., and soon probably also Chinese technology companies.”