Amid inflation woes, Turkey announces CBDC tests planned for 2021

As the nation deals with skyrocketing consumer prices and an inflation rate in the double digits, in an announcement to members of Turkeys Parliament reserve bank governor Naci Agbal revealed that “conceptual” research had actually been completed on a Turkish central bank digital currency (CBDC), which dry runs for such a currency would start in the latter half of 2021.”There is an R&D task initiated on digital money,” stated Agbal, according to 2 local outlets. “Currently the conceptual stage of this task has been finished. We intend to begin pilot tests in the 2nd half of 2021.”While the statement came as a surprise to some, Turkey has actually been investigating a possible CBDC considering that mid-2019. Furthermore, as Cointelegraph has previously reported, a 2021 rollout of a digital Lira would actually be something of a delay– in November of 2019 Turkish president Recep Erdoğa revealed that tests for a digital Lira system would be total by the end of 2020. The progress on a CBDC comes as the nations reserve bank faces inflation as high as 14%. In a declaration to reporters last week, Agbal– who was selected as the reserve banks head just last month– that the bank is “identified” to lower inflation and meet a year-end target of 9.4%. Turkey has previously been reported to be amongst the most active countries worldwide for cryptocurrency, with 20% of the population holding digital cash. However, brand-new survey research shows that while many have faith in Bitcoin, those data might be somewhat inflated.

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