Turkey’s state-backed digital asset, the crypto lira or digital lira is scheduled for launch next year. The move has the potential to bring about a heightened interest in government-backed or other large-scale digital coin launches, by various other countries/corporations.
Digital Lira Part of 2020 Presidential Platform
Social media reports suggest that 2020 may be the year when Turkey launches its digital currency. The decision arrives after months of price weakness for the original lira.
BREAKING: Turkey’s digital Lira will finish testing next year.
Within a decade, governments went from laughing at the idea of bitcoin to trying to immitate it as their reserve currency.
It makes you wonder what the next few years will bring.
— Rhythm (@Rhythmtrader) November 5, 2019
Turkey may be joining China in minting a new type of asset, a large-scale national crypto coin. The People’s Bank of China has given signs it that may be ready with the launch as soon as this November.
National Crypto Launches Have Faced Hurdles
So far, the actual launch of state-backed crypto assets has been a lackluster affair. Several attempts at the same ended up with no actual tokens actually being distributed. The launches themselves have faced various hurdles. European Central Bank came down heavily on Estonia’s Estcoin. The comments debated that the use of another asset (different from the euro) by a nation from the Eurozone.
Venezuela’s Petro is another attempt at national crypto, which reportedly exists, though there is no sign of a smart contract or an actual token. The Marshall Islands are yet to distribute its SOV cryptocurrency, though they are putting out preliminary tokens and have in fact delayed the official launch indefinitely.