<h1>Turkey Next On List Of Countries Creating State-Backed Cryptocurrencies</h1>
For the longest time, a majority of governments have been against the idea of cryptocurrencies. Some of the reasons that have them fighting cryptocurrencies include; they can't control them, and they can't manipulate them. This is beginning to change. Noticing they cannot ban or stop citizens from being involved in crypto, many have begun to embrace them. In fact, a number of countries are gone further to create state-backed cryptocurrencies. The latest one has been Turkey. The country is <a href="https://bitcoinist.com/turkey-prepares-to-mint-crypto-lira/">reportedly planning to launch a state-backed cryptocurrency</a> in 2020.

Turkey follows in the steps of <a href="https://www.cryptoknowmics.com/news/how-chinas-launch-of-state-owned-cryptocurrency-changes-governance-and-bitcoin-btc-interaction">China who have been working on a cryptocurrency</a> for the better half of 2019. However, it remains unclear when the coin will be released. In Russia, they are rumored to also be working on a cryptocurrency but the Kremlin has been hush about it. In the US, the FED might not release its crypto anytime soon but Libra is coming into play. The digital asset from Facebook will likely be backed by the U.S Dollar, making it a first of its kind.

Other countries like Venezuela, who released the Petro, backed by their oil reserves, are doing so to help circumnavigate U.S sanctions. This is a growing trend that is seeing governments on the wrong side of America use cryptocurrencies to go around sanctions.

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<h3>Why Has Turkey Chosen To Create A Cryptocurrency</h3>
Now with Turkey, the plan comes in Turkish President Recep Erdogan’s Presidential program for 2020. The digital Lira, as it has been called, remains in the early stages of development with testing expected to end in 2020. This is around the same time we can expect <a href="https://www.cryptoknowmics.com/news/china-ramps-up-efforts-to-develop-own-crypto-following-libras-launch-by-facebook">China to launch its coin</a>.

One of the main reasons that Turkey has sought a cryptocurrency is the fact that its economy is not doing well. With the national currency performing badly especially against the dollar, a State-Backed Cryptocurrencies could help get it back on track. Others, however, hold a contrary opinion choosing to believe that the move is aimed at surveilling citizens.

This cannot be disputed since the cryptocurrency will be centralized and controlled by the government. They will have financial data over all its users crossing several privacy violations. Notably, this accusation has applied to every country that plans to launch a cryptocurrency.

Once again it is clear that no other digital currency is like Bitcoin. Its decentralized feature remains unbeaten and means it is the only way you can ensure privacy and total financial freedom.

Turkey Next On List Of Countries Creating State-Backed Cryptocurrencies

In fact, a number of countries are gone further to create state-backed cryptocurrencies. The latest one has been Turkey. Crypto News

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Turkey Next On List Of Countries Creating State-Backed Cryptocurrencies

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