Amid inflation problems, Turkey announces 2021 CBDC tests

As the country struggles with rising consumer prices and double-digit inflation, the governor of the central bank made an announcement to members of the Turkish parliament Naci Agbal announced that a “conceptual” study of a digital currency by the Central Bank of Turkey (CBDC) had been completed and that practical tests for such a currency would begin in the second half of 2021.

“There is an RD project for digital money,” said Agbal, according to two local media outlets. “The concept phase of this project has currently been completed. Our goal is to start pilot tests in the second half of 2021. “

While the announcement surprised some, Turkey has been investigating a possible CBDC since mid-2019.. In addition, as Cointelegraph previously reported, the introduction of a digital lyre in 2021 would actually represent some delay: In November 2019, Turkish President Recep Erdoğan announced that tests for a digital lyre system would be completed by the end of the day would. 2020.

Amid inflation problems, Turkey announces 2021 CBDC tests
Amid inflation problems, Turkey announces 2021 CBDC tests

The move for a CBDC comes when the country’s central bank faces inflation of up to 14%. In a statement to reporters last week, Agbal, who was appointed head of the central bank last month, said the bank was “determined” to cut inflation and hit an end-of-year target of 9.4%.

It has already been reported that Turkey is one of the most active countries in the world when it comes to cryptocurrencies. 20% of the population own digital money. However, new research from the survey shows that while many believe in Bitcoin, these statistics may be a little inflated.

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