LBank excited about wider blockchain adoption in Turkey
The Central Bank of Turkey (CBRT) completed CBDC tests in December 2022, and the government is currently planning to use blockchain technology for online public services. Both signal an even more welcoming embrace of blockchain technology in 2023.
Why this is important: Since the Turkish government’s 2019 plan for a national blockchain infrastructure, Turkey has had many ambitious blockchain technology-based goals. But apart from specific projects, not much was achieved. All this could change in 2023, with promising projects on the horizon.
- A recent statement from CBRT announced that “the first payment transactions on the Digital Turkish Lira Network were carried out successfully”. It says further advanced tests will be run in the first quarter of 2023, and selected banks and fintech companies will be selected to be included in the expansion.
- The official announcement for a CBDC came in September 2021. Initially, the CBRT did not commit to a digital Turkish lira. However, the latest statement mentions that “CBRT will continue to run tests for authentic architectural layouts designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.”
- “Testing and successful implementation of the digital Turkish lira is seen as a big step,” commented Adem Özkan Özdil, Community Manager for Turkey at global crypto exchange LBank.
Go deeper: Beyond Turkey’s CBDC, the government has made other commitments, such as testing and integrating blockchain technology into public services.
- Amid news of the digital Turkish lira, the Vice President of Turkey, Fuat Oktay, announced plans for a blockchain-based digital identity application during the Digital Turkey 2023 Event. Many government 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.
- Notably, Turkey first shared its vision of using blockchain technology in public services in 2019. In its Strategy 2023 presentation, Turkey’s Ministry of Industry and Technology set blockchain and distributed ledger technology (DLT) as one of its priorities in 2020.
- Furthermore, the city of Konya, one of the most important cultural centers in Turkey, revealed in 2020 that it planned to develop a “city coin” and use blockchain technology to fund social programs. Konya served as an initial test to see how blockchain technology works with public services at scale.
- Efforts like these show Turkey’s willingness to push for broader blockchain integration in the country. “Turkey is an exciting market and is among the top 10 in crypto adoption globally. A boost for the digital Turkish lira is a positive step from the forward-thinking government,” said Allen Wei co-founder and CEO of the European licensed LBank Exchange.
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