LBank is excited about wider blockchain adoption in Turkey

The Central Bank of Turkey (CBRT) completed the CBDC test in December 2022 and the government is currently planning to use blockchain technology for online public services. Both point to a more welcoming embrace of blockchain technology in 2023.

Why is this important: Since the Turkish government’s 2019 National Blockchain Technology Infrastructure Plan, Turkey has had many ambitious goals based on blockchain technology. But apart from specific projects, not much has been achieved. All of this could change in 2023, with promising projects on the horizon.

  • accident statment of the CBRT declared that “The first payment transactions on the digital Turkish lira network have been successfully completed.” Further advanced testing will be carried out in the first quarter of 2023, she says, and selected banks and financial technology companies will be selected to be part of the expansion.
  • the Official announcement CBRT was released in September 2021. Initially, CBRT did not commit to the digital Turkish lira. But the last statement states that “CBRT will continue to conduct tests of the original architecture combinations designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.”
  • “The test and successful completion of the digital Turkish lira is seen as a big step,” commented Adem Özkan Özdil, Community Manager for Turkey at global cryptocurrency exchange LBank.

deepen: In addition to CBDCs in Turkey, the government has made other commitments, such as testing and integrating blockchain technology into public services.

  • Amid news of the digital Turkish lira, Turkish Vice President Fuat Aktay announced, more dangerous Plans to implement a blockchain-based digital identity during the Digital Turkey 2023 event. Several public services, including housing and military services, will be integrated into the E-Devlet portal, which will use a blockchain-based digital identity and login system.
  • Especially Turkey first post Its vision for the use of blockchain technology in public services in 2019. Presenting its 2023 strategy, the Turkish Ministry of Industry and Technology has placed blockchain and distributed ledger technology (DLT) as one of the priorities for 2020.
  • In addition, the city has Konya, one of Turkey’s most important cultural centers, revealed in 2020 that it plans to develop a “city currency” and use blockchain technology to fund social programmes. Konya was an initial testbed to see how blockchain technology could work with public services on a large scale.
  • Such efforts show Turkey’s determination to push for broader blockchain integration in the country. Turkey is an exciting market and is among the top 10 cryptocurrency adopters globally. “The strengthening of the digital Turkish lira is a positive step from the forward-looking government,” said Allen Wei, founder and CEO of authorized European LBank Exchange.

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