Turkey to Introduce Digital Currency Soon

Published November 7th, 2019 - 11:30 GMT
Turkey to Introduce Digital Currency Soon
Digital currencies use the blockchain technology -- known as distributed shared ledgers -- to record transactions. (Shutterstock)
Highlights
Turkey will launch the currency after its design, development and testing phases are completed.

Turkey is set to introduce blockchain-based digital currency, according to data compiled by Anadolu Agency from the country's Annual Presidential Program.


Turkey will launch the currency after its design, development and testing phases are completed. Testing is expected to start in 2020.

The announcement comes as China is preparing to become the first country to roll out a domestic digital currency, a development financial markets across the globe are closely watching.

Digital currencies use the blockchain technology -- known as distributed shared ledgers -- to record transactions.

Turkey's program aims at creating a roadmap for the development of Fintech ecosystem in Turkey.

In this scope, a financial technopark will be established in Istanbul.


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