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Turkey’s Digital Lira to be finalized by the end of 2020, directs president Erdogan – Cryptocurrency News

The President of Turkey has specified to conduct the trials and finalize the country's national blockchain-based digital lira
The President of Turkey has specified to conduct the trials and finalize the country’s national blockchain-based digital lira by the end of 2020.

Turkey’s 2020 plans issued by the Presidency has specified that tests for the national central bank digital currency (CBDC) will begin by the next year. According to the document published by the country’s official publication Resmi Gazette, the President, Recap Tayyip Erdogan, has directed that the end of the next year should finalize the digital Lira’s trials and testings.

Turkish digital Lira will be a blockchain-based currency, and in addition to the central bank, the national tech innovation agency, Scientific and Technological Research Council of Turkey (TUBITAK), will also be included in the project. As per the reports, the country aims to intensify the local economy through the introduction of the CBDC. The gazette states that Turkey plans to fulfill the financial needs of the real sector at a low cost and proffer varied financial instruments to a broadened base of investors.

“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.”

Further, with the evolution of various software testing methodologies, the Turkish government also plans on developing a software platform to support instant payments based on the coin. It also looks forward to employing blockchain for transportation and public services, along with the administration.