The Turkish government to launch a digital currency by 2023

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  • Turkey to implement blockchain based digital money in the next five years.
  • Central bank digital assets are unlikely to be for price speculation.

The central bank in Turkey is likely to have a digital currency by 2023 after the government reaffirmed its commitment towards the same. As reported by CryptoGlobe, a news outlet “the 11th Development Plan from the Presidency of the Turkish Republic includes a provision stating “blockchain-based digital central bank money will be implemented,” over the next five years.”

The government is also looking forward to integrating blockchain adoption in transportation and customs sectors. The Turkish government is also hoping to capitalize on the emerging interest in artificial intelligence as well as big data.

Mehmet Simsek, Deputy Prime Minister in the Turkish government told an interviewer last year that:

“We are planning to start our own work on digital currencies. We place high importance on digitalization.”

Central bank digital assets are unlikely to be speculated upon but they could digitize government services and increase the speed of transaction as well as cut down transaction costs.

Read more: Blockchain Promotion Act goes through the U.S. Senate committee

 

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