Turkey Is Ready to Issue Its Own CBDC in the Next Two Years

The Central Bank of Turkey says the country's CBDC will be launched in the next 2 years as the government plans to bolster the economy through digital currency.

April 8, 2021 | AtoZ MarketsThe Central Bank of Turkey, together with the Financial Department of the President, are already working on the development of documentation for the creation and launch of the CBDC. This announcement was first published by the national news agency Sabah.

Turkish government plans to bolster economy through CBDC

The main reason for the launch of the digital lira was a sharp drop in fiat lira amid a rapid rise in inflation, as well as an increase in citizens' savings in cryptocurrencies. It is the growing popularity of cryptocurrency among Turks that worries the government and makes it look for new modern ways to support the economy.

A lecturer at the Istanbul University of Commerce, Associate Professor Ayben Koy commented on the government's decision:

"Restrictions on cryptocurrencies are a thing of the past, and today it is clear that many countries are developing CBDCs using the same technology."

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Also, the initiative of the Central Bank of Turkey found approval among businessmen and politicians, after Visa, Mastercard, and Paypal confirmed that the popularity of cryptocurrencies will grow and eventually become mainstream.

The Director of the Blockchain Research Center of Bahcesehir University, Dr. Bora Erdamar, also said that it is important to officially start researching digital money in accordance with the strategic plan. Countries around the world are stepping up investment in the digital economy and financial technology solutions. As examples, he cited the experience of China and the crypto-yuan, as well as the initiative of the European Union to create a digital euro.

“The central banks of Japan and Thailand are moving rapidly in this direction. Therefore, competition now extends to the field of finance as well,” he commented.

Recall that earlier Turkey announced the possible legalization of cryptocurrencies in the country.

Turkey actively occupies a position in the NFT market

Turkish celebrities, following the example of their Hollywood colleagues, are actively conquering the NFT market. For example, the artist Gulben Ergen sold his compositions as NFT. Later, on the platforms Rarible and Opensea, tokens appeared with the laugh of TV presenter Saba Tumer, which were sold for 90,000 lira, which is more than $10,000, and also the phenomenal restaurateur Nusret Goekce sold the tweet, which he sent in 2017 as NFT, for $6,000.

Recall that rapper Snoop Dogg, Playboy magazine, as well as the Gucci brand group, have already announced the release of NFT tokens.

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