Turkey working on digital currency; pilots expected to finish by end of 2020

Turkey is working to issue a blockchain-based national digital currency.

Resmi Gazete, Turkey’s only official journal that publishes new legislation and official announcements, published a document Monday, which says that the first trials of digital lira should be conducted and finalized by the end of 2020.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Digital lira is planned to be issued by the country’s central bank to strengthen Turkey’s economy. "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," reads the document.

China is also expected to launch its digital currency in the near future, after five years of research and development. Last week, an association of over 200 German private banks called for a digital euro. The U.S. Federal Reserve is also apparently researching how to integrate digital currencies to its retail payments as it is hiring a manager for the initiative.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.