A sizeable number of financial institutions around the globe right now is looking into the concept of cryptocurrencies, with talks of possible central-bank backed digital currencies in China, and Cuba making headlines in recent weeks.
However, we’ll quickly have to add Turkey to the mix after the country unveiled its new economic roadmap which mentioned that a “blockchain-based digital central bank money will be implemented.”
The document (Eleventh Development Plan) reportedly presented to the Turkish Parliament earlier this week shows how the country plans to improve its economy between 2019-2023 and details among other things, areas where blockchain technology will play a part.
For instance, it mentions that the Turkish government would improve legal and technological infrastructure with one eye on the adoption of blockchain technology for cross-border activities such as “transport and customs.” The new technology was also listed alongside Artificial intelligence (AI) and Internet-of-Things (IoT) as approaches the country would embrace to improve the delivery of public services.
With the newly released roadmap expected to reach its climax by the end of 2023, it would be safe to say that Turkey is eyeing the release of its central bank-backed cryptocurrency within the next four years.
Meanwhile, this is not the first time that the possible launch of a CBDC in Turkey is making the news.
In early 2018, local news agency, Al-Monitor referenced Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the country’s former Industry Minister as revealing a proposal for the release of a national cryptocurrency named “Turkcoin.”
Since then, however, not so much has been revealed to the public regarding the Central bank’s progress regarding the cryptocurrency, with the Eastern Carribean eventually peeping Turkey in the race to announcing a pilot program for a central-bank backed cryptocurrency.