During a meeting with members of parliament yesterday, Turkey’s central bank chief, Naci Ağbal, said the country will begin piloting a digital currency (CBDC) in the second half of 2021.
Turkey plans to pilot a CBDC in 2021
This is a long-cherished but undisclosed cryptocurrency project. It seems that this is a plan to put Turkey on a fast track to become one of the leading central bank digital currency (CBDC) countries.
“There is an R&D project initiated on digital money. Currently, the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.”
Turkey rarely discloses any crypto ambitions. Even the Bank for International Settlements (BIS), known in the monetary world as the bank for central banks, did not recognize that Turkey had a CBDC project operating in its active database. me.
However, Turkey is now looking to overtake more popular CBDC projects. Although 80% of central banks are considering CBDCs under the BIS, only a handful – Sweden, China, the Bahamas – have already conducted the test phase.
The details of the Turkish CBDC project are quite clear. Even the central bank is hiring experts for its crypto research and development team. Among topics of interest are clear: blockchain, cryptography, and big data.
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