According to the Governor of the Central Bank of Turkey Nasi Agbal, Turkey plans to test the national digital currency in the second half of the next year 2021.
Agbal’s statement came as a surprise, previously, no one knew about the digital Lira project. Even in the records of the Bank for international settlements (BIS), there is no evidence that Turkey is working on its state-owned cryptocurrency. However, now it has become clear that Turkey has joined the race to develop a national digital currency and, as it turned out, the project is already under work and the conceptual stage of digital Lira is completed.
“We have launched a project to create digital Lira. The conceptual phase of the project has already been completed. We plan to launch pilot tests in the second half of 2021, ” Agbal said.
Detailed information about the state digital currency of Turkey has not yet been reported. In September, some cryptocurrency publications reported that the Central Bank of the country is looking for experts on blockchain and digital currencies to develop its own state-owned cryptocurrency.
Among big economies, Russia is also working on creating a digital version of the Ruble, which should help companies and citizens of Russia in making payments, and reduce payment processing costs.
At the moment, the leader in the development and implementation of digital currency is China. China has passed many stages of testing Digital Yaun. At the same time, the Chinese authorities do not position their national cryptocurrency as a replacement for global Fiat currencies.