Amid inflation woes, Turkey announces CBDC tests planned for 2021

While the announcement came as a surprise to some, a digital Lira has been in the works since 2019

As the country struggles with soaring consumer prices and an inflation rate in the double digits, in an announcement to members of Turkey’s Parliament central bank governor Naci Agbal revealed that “conceptual” research had been completed on a Turkish central bank digital currency (CBDC), and that practical tests for such a currency would begin in the latter half of 2021.

“There is an R&D project initiated on digital money,” said Agbal, according to two local outlets. “Currently the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.”

While the announcement came as a surprise to some, Turkey has been researching a possible CBDC since mid-2019. Additionally, as Cointelegraph has previously reported, a 2021 rollout of a digital Lira would actually be something of a delay — in November of 2019 Turkish president Recep Erdoğan announced that tests for a digital Lira system would be complete by the end of 2020.

The progress on a CBDC comes as the country’s central bank grapples with inflation as high as 14%. In a statement to reporters last week, Agbal — who was appointed as the central bank’s head just last month — that the bank is “determined” to lower inflation and meet a year-end target of 9.4%.

Turkey has previously been reported to be among the most active countries in the world for cryptocurrency, with 20% of the population holding digital money. However, new survey research shows that while many have faith in Bitcoin, those statistics might be somewhat inflated.
http://dlvr.it/RpNnyd

You might be interested in …

Stripe will offer bank accounts, with help from Goldman Sachs and Citi

Uncategorized

But only for vendors, so retail users will have to wait. Online payments giant and Cash App owner Stripe is stepping into a new realm of financial services for vendors. Per a Wall Street Journal exclusive on Thursday, Stripe is looking to offer customers bank accounts and debit cards. However, these financial products will be […]

Read More

Hash War: Mystery Miner’s Empty Block Attack Makes ABC’s New Blockchain Almost Unusable

Uncategorized

According to various reports, the Bitcoin ABC pro-IFP chain has been under ‘attack’ for a number of consecutive days now. The mystery miner has been mining a great number of sequential blocks, but almost all of them have been empty. The miner who calls himself ‘Voluntarism.dev’ says the mining operation is a group of “old-guard […]

Read More

Nimera Swap Offers DeFi Exchange Platform With Low Fees and Support for Any Blockchain

Uncategorized

The Defi revolution has brought about a new world of opportunities for crypto investors, but major improvements are still needed in the current ecosystem. For example, the most popular coin swapping service today is dependent on ethererum and its ridiculously high gas prices. Nimera Swap offers a solution to this problem with a DeFi exchange […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php