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Turkey’s Central Bank Is Ready To Launch CBDC In 2023

On October 24, the idea of a central bank digital currency (CBDC) was included in Turkey’s Presidential Annual Program for 2023 by the Presidential Strategy and Budget Directorate. This programme is a plan for the following year and an important document for economic and social policy for digital assets. The document shows that the adoption of a digital currency system for Turkey’s central bank is already planned.

The announcement came a year after Turkey’s central bank announced in September 2021 that it was considering issuing a CBDC to complement its existing payments infrastructure as part of a project titled “Central Bank Digital Turkish Lira Research and Development.” This news came a year after the Turkish central bank said it was thinking about issuing a CBDC.

A “blockchain-based central bank digital currency will be put into effect,” according to the program’s Balance of Payments section, which was included under the subheading of Policies and Measures. The Central Bank of Turkey is the organization that is responsible for this, and they will be assisted in their work by the local Ministry of Finance and the Scientific and Technological Research Institution.

According to the official source, the system for the digital version of the Turkish lira would be connected with digital identification as well as FAST. The Turkish central bank is in charge of the FAST payment system and makes sure it works well.

In another part of the paper, it says that the Turkish central bank plans to work with other financial institutions to do research and development on its CBDC as well as test it.

Over the past ten years, there has been a consistent rise in the number of people interested in crypto assets. According to a research compiled by the Information and Communication Technologies Authority in the year 2020, Turkey achieved a ranking of fourteenth among investors in cryptocurrencies all over the globe. The increased interest in cryptocurrency assets and trading in Turkey has attracted the attention of cryptocurrency exchange platforms located all over the world. In 2021, several local operations from big crypto asset exchange platforms started up. 

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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