Turkey has its own cryptocurrency-in the year 2020. The digital lira, it is the wish of the president Erdogan.

The Turkish government would be in 2020, it should be able to get on with the testing of the national central bank, digital currency (CBDC). The blockchain-based digital lira, will be published by the Turkish central bank, which is in line with the presidential programme to 2020 of the president Erdogan.

Test at the end of 2020 and completed in

In the president’s program, on the 3rd of november, has been published, it is stated that the test of the digital lira by the end of 2020, it should have completed. This can be found in the Resmi Gazete. Resmi Gazete is the national and only official journal of the country and the creation of new legislation and other official announcements to publish.
In addition, the central bank is also the TUBITAK with the project. This is the scientific and technological research council of Turkey). The goal is to make the local economy stronger, and less susceptible to external influences.

A clear road map

In the article, Resmi Gazette, says: “The main goal is to have a financial sector with a strong institutional set-up for low-cost, it can respond to the financing needs of the real sector, the different financial instruments that can provide reliable, investors, and Istanbul in order to be an attractive global financial centre. ”
In July, 2019, the Turkish government introduced a sort of economic road map for the period of 2019-2023. In addition, a CBDC will be the government’s blockchain technology for transport, customs, public service, and administration. In september, it announced that, Turkey is also planning to bring in a national, blockchain infrastructure for distributed ledgers to be used in the public administration.

Background of the Turkish economy

By 2018, Turkey is faced with one of the worst of the exchange, and schuldenrampen in the history of the country. The Turkish lira has dropped so dramatically that, on may 23, 2018 and the foreign exchange markets in Istanbul, the trade and the Italian lira stopped. This was in part due to bad monetary policy, but it is also a diplomatic issue for the United States of america. The lira has lost 40% in value against the us dollar.
The crisis has forced the rating agencies to the debt and the credit ratings of Turkey are to be interpreted. This suggested to many analysts, the recession, and austerity measures. In an attempt to bring the economy to revive, the government of president Erdogan, the central bank issued digital currencies on ebay.
Due to the crisis, the confidence in the lira, obviously, and this was associated with greater confidence in bitcoin. ING also published in an August survey that said that of all the European union countries, the Turkish participants, most of the have confidence in bitcoin. Less than 62% are positive about bitcoin.
Also, did you see, in August of 2018, a massive increase in the trade in bitcoin. The daily trading volume on the largest Turkish-crypto exchange was made on Sunday the 12th of August, two million dollars, and a day later it is nearly fourteen millions of dollars. An increase of over 600 per cent.
Last month, it threatened to Trump even the economy of Turkey is quite rich, but he is now coming back.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.