Turkey working on digital currency; pilots expected to finish by 2020
In a document released Monday, Turkey announced its central bank plans to launch a digital currency, with trials concluded by the end of 2020. The document states, "The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul's goal of becoming an attractive global financial center"
Why it matters:
- Turkey’s announcement comes off the back of China’s recent announcement of its digital currency, and its enthusiastic support of blockchain technology. Furthermore, last week the Association of German banks called for a digital Euro, touting the advantages of digital money over conventional payments
- Many have considered Facebook’s Libra announcement as the “Netscape moment” for the industry. Since the announcement, there has been an influx of interest from leaders around the world spurring what is shaping up to be a digital currency arms race.
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