Turkey is said to pilot its own CBDC in 2021

Turkey is said to pilot its own CBDC in 2021
January 01
08:00 2021

Turkey is planning to start the pilot of its own Central Bank Digital Currency (CBDC) in the second half of 2021, CoinDesk.com reports. According to the source, the announcement of Turkey’s chief central banker came as a surprise. It seems that there was no previous mention of the digital coin in the works.

There are no clear statements yet about the new CBDC. However, now Turkey is well on the way to joining other nations that progressed to the pilot stage with their digital coins. Many countries express their interest in launching their own CBDCs. However, there are not that many that successfully moved on to the next step of the process.

More central banks are considering digital currency especially in light of the Covid-19 pandemic. People did not use cash as often, and more and more customers turned to digital banking and other online payment platforms. As a result, banks see CBDCs as a way to replace cash in the future.

Bank of Lithuania launched the LBCoin for collectors in July this year. In addition, the Swedish central bank announced the launch of the feasibility review into e-krona. The Bank of Korea partnered with a consulting firm in September this year to develop CBDC infrastructure. Moreover, China already allows the use of digital yuan in the stores of physical and online retailers.

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