Turkey is planning to launch its official cryptocurrency

Turkey might become the second country after China to launch its official Central bank-backed cryptocurrency. Turkey will begin testing the cryptocurrency early next year. The country plans to boost its economy by launching the digital currency. China is also expected to launch its digital currency any time soon.

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According to local news reports, Turkey is planning to launch its official cryptocurrency by the end of the next year. Resmi Gazete published a document on Monday, which says that the first trials of the country’s digital country should be conducted and finalized by the end of 2020.

The document further read that the main objective of Turkey’s cryptocurrency is to establish a financial sector with a strong institutional structure that can help boost the country’s economy and support Istanbul’s goal of becoming an attractive global financial center.

 

China to roll out its CBDC anytime soon.

China’s central bank recently revealed that they had been working on launching official digital currency for the last five years. As reported earlier, the People’s Bank of China told that the country’s official digital currency would follow all the existing rules for cash and foreign exchange management.

 

USA and Canada are also thinking about CBDC.

As of now, China has not revealed as to when the cryptocurrency would be issued to people. It looks like many central banks all around the world are considering the option to issue official cryptocurrencies in order to compete with decentralized digital currencies.

The central bank of the USA is also looking to hire a manager with the expertise in the cryptocurrency and blockchain, which indicates that the US Fed is also thinking about issuing CBDC. Canada is also on the list of countries that are contemplating to issue digital currencies.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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