Turkish President Recep Tayyip Erdogan has instructed the government to complete a test of the country’s central bank’s digital currency (CBDC) by 2020. Under the 2020 annual presidential plan, the Central Bank of Turkey plans to issue blockchain-based national digital lira. In the pilot project, the government plans to develop a digital lira-based instant payment software platform, Cointelegraph reported Tuesday.
In addition to the Central Bank, the project will involve the Turkish Council for Science and Technology Research, also known as TUBITAK, the national agency for technological innovation.
The introduction of the digital lira is part of Turkey’s means of developing the local economy. According to documents made public by the media, “the main objective is to build a strong financial sector that meets the financing needs of the physical sector at a lower cost, provides diverse financial instruments to a wide range of investors through reliable institutions, and supports Istanbul’s goal of becoming an international financial centre.” ”
The inclusion of a digital lira in Turkey’s 2020 presidential plan follows the plan in the country’s economic road map for 2019-2023, released in July 2019. In September, the Turkish government announced plans to build a national blockchain infrastructure to deploy distributed ledger technology in public administration.