The Central Bank of Turkey (CBRT) will complete the CBDC test in December 2022 and the government now plans to use blockchain technology for online public services. Both show that blockchain technology will be even more welcome in 2023.
Why this matters: Since the Turkish government planned its national blockchain infrastructure in 2019, Turkey has set many ambitious goals based on blockchain technology. However, much was not achieved, except for certain projects. This could all change in 2023, with promising projects on the horizon.
- CBRT’s recent statement announced that it had “successfully executed its first payment transaction on the Digital Turkish Lira Network.” In the first quarter of 2023, a more advanced stage of testing will take place and select banks and financial technology companies will be selected to be included in the expansion, it said.
- The official announcement of the CBDC was made in September 2021. Initially, the CBRT was not committed to the digital Turkish lira. However, in its latest statement, “CBRT will continue to test full-scale architectural settings designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems. I will.”
- “The testing and success of the digital Turkish Lira is seen as a big step,” Turkish community manager Adem Özkan Özdil commented to global crypto exchange LBank.
Further details: Beyond Turkey’s CBDC, the government has other commitments, such as testing and integrating blockchain technology in public services.
- In the news about the digital Turkish lira, Turkish Vice President Fuat Oktay announced plans for a blockchain-based digital identity application during the Digital Turkey 2023 event. Many public services, including housing issues and military services, will be integrated into E-Devlet portals using blockchain-based digital identity and login systems.
- Notably, Turkey first shared its vision of using blockchain technology in public services in 2019. In its Strategy 2023 presentation, Turkey’s Ministry of Industry and Technology named blockchain and distributed ledger technology (DLT) among his 2020 priorities.
- Additionally, the city of Konya, one of Turkey’s most important cultural centers, plans to develop a “city coin” in 2020 to fund social programs using blockchain technology. clarified. Konya served as the first test to see how blockchain technology works with public services at scale.
- Efforts like this demonstrate Turkey’s determination to push for broader blockchain integration in the country. “Turkey is an exciting market, ranking among the top 10 for global cryptocurrency adoption. said Allen Wei, co-founder and CEO of
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