Developments

Central Bank of Turkey to issue its own Crypto by 2023

The Central bank of Turkey on digital currencies

Turkey has been on the sidelines when it comes to the implementation of cryptocurrencies in the country. However, the central bank of Turkey and the country’s government have started to gain more interest in the integration of blockchain technology for public services.

According to the government of Turkey, they have been looking into the creation of digital currencies for Central Banks and it’s on the countries roadmap for the year 2023.

The Update was published back in July on the 9th and has been a development plan for the Presidency of the Turkish Republic. The presidency has stated that blockchain based digital central bank money will be implemented in the coming years.

The Country is also looking to implement the Blockchain technology in the transportation and customs sector which will see public and administration services benefit from this emerging technology.

This is a provision that also includes the interest in Artificial Intelligence along with Big data, which will be two key sectors for the Turkish Government to focus on. This idea was first presented to the Turkish parliament for budget and Commission through the Vice President Fuat Oktay with future plans for the development of policies in the Economy.

Central bank digital currencies

There are currently a handful of different banks that are working on their own digital currencies so as to compete in this monetary revolution of centralised versus decentralised currencies.

Turkey has been at the forefront of this emerging technological leap as the country’s Government started trying to experimenting with national cryptocurrencies last year.

The Deputy Prime Minister said in an interview back in February 2018 that:

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

Fiat-currencies are quickly becoming outdated, and most digital currencies from Central banks will lack the decentralised nature of Cryptocurrencies like Bitcoin, Dash or Ethereum. This also leaves room for investors to be able to speculate ineffectively with these bank digital currencies.

Central bank of Turkey

However, these digital currencies will provide a way for Governments to modernize their monetary policies while trying to keep up with technological advancements sparked by Bitcoin.

With the rise of Corporate cryptocurrencies like Libra and Telegram’s TON, Central banks are in danger of failing in innovation as they will generally remain focused on traditional Fiat-currencies.

Nevertheless, countries piloting digital currency programs will make the way for the rest of the world’s monetary divisions to start taking notice of this disruption in finance.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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