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Turkey prepares to launch digital currency
CONTENT

  • Turkey to launch its CBDC in 2021

  • Central Bank Seeks Rescue From Inflation In Digital Currencies And Floating Lira

  • Turkey becomes the world’s leader in the number of bitcoin holders

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In 2021, Turkey will start testing the digital currency of the Central Bank (CBDCBills and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As … More). Thus, the government plans to curb rising inflation..

All methods are good to contain inflation

The President of the Central Bank of the Republic of Turkey Nasi Agbal said that testing of the digital lira will begin in the second half of 2021. Reported by CNN Turk.

According to Agbala, the central bank and government of the country will make every effort to keep inflation at 5%. In order to achieve this goal, the Central Bank will take several actions: it will revise its monetary policy, launch its own digital currency, and replenish its own reserves with foreign currency..

“If we are going to accumulate foreign currency, it will be transparent. We will announce this in advance. We have established another criterion here. We will not react to market behavior with lightning speed, but we will monitor its development and only then make decisions, ”said Agbal.

Speaking about the current balance of the Central Bank, Agbal said that today it includes 717 billion Turkish lira, domestic assets are estimated at 200 billion Turkish lira..

Turkey prepares to launch digital currency

As for the gold reserves of the Central Bank, at the moment they are estimated at 42 billion dollars, foreign exchange reserves – 49.8 billion dollars. In total, reserves amount to $ 91.8 billion.

Recall that in the current 2020, Turkey has made significant progress in the adoption of cryptocurrency. This was largely due to inflation, which reached a record high of 11.45%..

The adoption of cryptocurrency is a compulsory measure

Turkey first started talking about adopting cryptocurrency back in 2017 after the lira lost nearly half of its value.

Turkey prepares to launch digital currency

The main reason for the fall was the conflict with the former US president and the imposition of increased prices for Turkish steel (50%) and aluminum (20%).

Saving their savings from inflation, the Turks began to massively buy bitcoin and other currencies. Today Turkey ranks first in the world in terms of the number of retail cryptocurrency holders.

The number of Bitcoin holders in Turkey is increasing every day.

Turkey prepares to launch digital currency

Also, the Republic can become a leader in the cryptocurrency sector throughout the Middle East.

“Turkey definitely has the potential to become the epicenter of cryptocurrency,” said Vidal Arditi, co-founder of BiLira stablecoin..

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Turkey prepares to launch digital currency

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