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Home / Business / Amidst inflationary difficulties, Turkey announced plans to conduct CBDC testing in 2021

Amidst inflationary difficulties, Turkey announced plans to conduct CBDC testing in 2021



As the country is struggling to cope with soaring consumer prices and double-digit inflation, it was revealed in an announcement to the members of the Turkish Congress Central Bank President Naci Agbal that the country’s central bank digital currency (CBDC) )’S “concept” study has been completed, and actual testing of this currency will begin in the second half of 2021.

Two local outlets said: “There is a digital currency-based R&D project,” Agbal said. “At present, the concept phase of the project has been completed. Our goal is to start pilot testing in the second half of 2021.”

Although this announcement surprised some people, Turkey has been studying a possible CBDC since mid-201

9. In addition, as previously reported by Cointelegraph, there will actually be some delays in launching the digital lira in 2021-in November 2019, Turkish President Recep Erdogan announced that the test of the digital lira system will be completed by the end of 2020.

As the central bank struggled to cope with inflation as high as 14%, CBDC made progress. In a statement issued to reporters last week, Agbal, who was appointed as the governor of the central bank just last month, said that the bank was “determined” to reduce inflation and reach its year-end target of 9.4%.

It was previously reported that Turkey is one of the most active cryptocurrency countries in the world, and 20% of the population owns digital currencies. However, new research studies show that although many people have confidence in Bitcoin, these statistics may be exaggerated.


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