Turkey will create blockchain based digital currency - report

Turkey is aiming to increase the use of blockchain and introduce a blockchain-based central bank digital currency, CoinDesk, a news website specialised in the currencies, reported on Wednesday.

According to a 2018 survey by Zero Hedge, Turks have been showing an increasing interest in cryptocurrencies, such as Bitcoin, after the Turkish lira slumped against the dollar and other major currencies.

Ankara plans to create the blockchain-based digital central bank money, as well as related infrastructure, as part of a national development plan covering the 2019-2023 period, according to CoinDesk. The government will promote the use of the money system in the transportation sector and at customs, the website said,

In 2017, the Turkish Central Bank issued a statement praising cryptocurrencies for their potential role in financial stability.

The news that the central bank of Turkey will develop a blockchain-based currency comes days after Turkish President Recep Tayyip Erdoğan fired the bank’s governor, Murat Çetinkaya, CoinDesk said.

Erdoğan said he was forced to sack Çetinkaya at the weekend because his errors and lack of accountability brought heavy costs for the economy.

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