Turkey to Launch Digital Lira in 2020

The government of Turkey has announced they will be launching a digital lira by the end of 2020.

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A document published by Turkey’s official national publication Resmi Gazete stated the nation is developing software for instant payments based on a digital lira.

According to the documents, the new program will involve the Turkish central bank, as well as the Scientific and Technological Research Council of Turkey, also known as TUBITAK.

“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.”

In July, Turkey released the country’s 2019–2023 economic roadmap, which outlined plans regarding the new digital lira.

The document also mentions utilizing blockchain technology for transportation, customs, and public services.

In September, Turkey announced they will be introducing a national blockchain program in public administration.

Changpeng Zhao, CEO of the largest cryptocurrency exchange Binance, will be speaking at the upcoming Turkish Capital Markets Summit in Istanbul from Nov. 19–20, 2019.

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