A few years ago, the concept of a digital token was an anomaly and according to many, it was nothing but an internet fad that would die out quickly especially since not a lot was known about them and many considered them to be a get-rich-quick scheme or a scam. However, cryptocurrency has taken its place within the global financial world and shows no signs of stopping and one of the evidence of this is the fact that so many countries are seeing the benefits and digital tokens and are looking to launch their own to combat inflation, improve the economy or simply to keep up with innovation. 

In the race towards launching national digital tokens, it seems Turkey intends to take the lead as it was announced by their President Recep Tayyip Erdogan that their central bank must finish testing of their national digital token by 2020.

Testing, Testing 

This new information comes via the country’s official presidential program in which is was stated that the central bank must finish testing of the digital Lira by the end of 2020. As part of these plans, the central bank will develop a payment platform for instant payments and make use of the lira and they will also collaborate with tech innovation agency — the Scientific and Technological Research Council of Turkey, for this purpose.

The reason Turkey is looking into launching its own digital token is to strengthen the local economy and to benefit citizens.

“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,” the document says. 

These new developments also fall in line with the country’s 2019-2023 economic roadmap which includes not only a national token but also the implementation of blockchain in transportation and other public services. Needless to say, Turkey seems to be embracing block chain and cryptocurrency on a large scale and joins the ranks of countries like the Bahamas and China who are looking into their own national tokens.

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