Turkey Becomes the Latest Nation to Work on Digital Fiat

Trade wars, sanctions, fear from private and decentralized cryptocurrencies. Regardless of the motive, a number of governments have recently taken the path of creating their own digital money. Turkey has become the latest country to announce plans for the issue of a “blockchain-based” national currency.

Also read: China Removes Bitcoin Mining From Unwanted Industries List

Digital Lira to Be Tested as Ankara Builds Fintech Ecosystem

The project to develop a digital lira has found a place in Recep Erdogan’s Annual Presidential Program, the state-run Anadolu Agency reported. According to the recently published document, Turkey is set to launch the coin as soon as it completes the design, development and testing phases. The program explicitly notes that a “blockchain-based digital currency” will be introduced.

Tests with the Turkish crypto are expected to commence as early as 2020 but the leadership in Ankara doesn’t stop there. The wider plan is to…