Turkey could be ready to Launch National Digital Currency in 2020 | BTCMANAGER
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Turkey’s central bank is reportedly looking to finalize testing protocols for its proposed national digital currency. With economic struggles worsening in the country, the move might signal an attempt by the government to gain a foothold in the emerging digital landscape. Meanwhile, bitcoin adoption continues to grow in the country exceeding average ownership statistics in other countries in Europe.
Central Bank to Conclude Digital Lira Testing by 2020
According to the Asia Times, Turkey’s central bank is set to finish final testing on a digital lira currency by 2020. These testing protocols will also reportedly include the finetuning of instant payment gateways that will utilize the digital currency.
The move by the Turkish government is part of plans to stabilize the economy. Earlier in the year, the President Erdogan administration included the digital lira plans in its four-year economic recovery plan.
An excerpt from a document released by Resmi Gazete — Turkey’s official national publication reads:
“The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul’s goal of becoming an attractive global financial center.”
When launched, the digital lira will be entering a financial landscape already dominated by forex and bitcoin. As previously reported by BTCManager, bitcoin has in recent times become almost as popular as foreign currencies.