While the country is struggling with high consumer prices and double-digit inflation, parliamentary speaker Naji Agbal said in a statement from members of the Turkish central bank that a “conceptual” study of the digital currency CBDC has been completed. , and that practical testing of such a currency will begin in the second half of 2021.
“A research project and development project for digital money has started,” said Agbal, according to two local media reports. At the moment, the concept phase of this project is complete. We plan to start pilot tests in the second half of 2021.
While this announcement came as a surprise to some, Turkey has been looking for potential binary currencies for commodities since mid-2019. In addition, as the Cointelegraph previously reported, the introduction of the digital lira in 2021 will actually be somewhat delayed – in November 2019. Turkey President Recep Tayyip Erdogan announced that tests of the digital lyre system will be completed by the end of 2020.
The increase in the central bank’s digital currencies comes when the country’s central bank fights inflation of up to 14%. In a statement to journalists last week, Agbal, who was appointed head of the central bank last month, said the bank was “determined” to reduce inflation and reach its target at the turn of the year at 9.4%.
Earlier it was reported that Turkey is one of the most active countries in the world in terms of cryptocurrencies: 20% of the population owns digital money. However, a new poll shows that while many people believe in Bitcoin, these statistics may be somewhat exaggerated.