President Erdogan: Turkey will complete testing of the digital Lira in 2020

Президент Эрдоган: Турция завершит тестирование цифровой лиры в 2020 году

Turkish President Recep Tayyip Erdogan said that the government plans to complete testing of the digital currency to the national Central Bank (CBDC) in 2020.

National digital currency, the Lira, was developed on the basis of the blockchain, the Central Bank plans to launch in accordance with the presidential programme in 2020, according to media resources of Turkey.

The presidential program published November 3, notes that testing of the digital Lira must be conducted and completed before the end of 2020, according to Turkish Resmi Gazete.

In the framework of the pilot project, the government plans to develop a software platform for instant payments on the basis of the digital Lira. Together with the Central Bank to the project will also join the national Agency for innovation and technology the Council for scientific and technological research of Turkey, also known as TUBITAK.

According to Turkish cryptocurrency resource launch of digital Lira is a step to strengthen the local economy. The article says:

“The main goal is to create a financial sector with strong institutional structure that can at low cost to respond to the financing needs of the real sector, to offer a variety of financial instruments to a wide investor base through reliable institutions and to promote Istanbul as an attractive global financial centre”.

Start digital Lira became part of the annual presidential program of Turkey for 2020 is fully consistent with previous economic development plans of the country for the years 2019-2023, released in July 2019. In addition to the CBDC, the government is interested in the implementation of blockchain technology in the field of transport and customs service, as well as in public services and administration.

In September the Turkish government announced plans to establish a national blockchain infrastructure for the deployment of technologies for distributed registry in government.

I should say that Chanpen Zhao (Changpeng Zhao), CEO of the cryptocurrency exchange Binance, will be the speaker at the Turkish Summit capital markets 2019 that will be held in Istanbul from 19 to 20 November 2019.

We will remind, on the website “Coinews” it was that one of the most famous cryptanalytic exchanges, Binance, announced that it will open an office in Beijing on the background of recovery of interest of Chinese authorities in blockchain technology.

It should be noted that the information portal “Coinews” recently reported that the Bank of Canada (Bank of Canada, BoC) plans to develop a digital currency that has replaced fiati money.