The research and development project on digital currencies has been going on in Turkey for quite some time now. In 2020, most of the countries have revealed their plans to launch central bank digital currency (CBDC) and Turkey is one of them as it is already going through research and development for the same.
Naci Ağbal, the Governor of the central bank of the country, has said that the country will start piloting digital currency in the second half of 2021. In his words:
“There is an R&D project initiated on digital money. Currently, the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.”
As per the comments from Ağbal, the development of Turkey’s central bank digital currency (CBDC) is on the fast track now. However, there are several claims from the Bank for International Settlements (BIS), also known as “bank for central banks,” that Turkey is not going through any active CBDC project at the moment.
The BIS has also claimed that a lot of countries have been discussing launching their CBDC, however, only a few like China, Sweden, and the Bahamas are going through a pilot phase or preparing for the launch. Turkey is now planning to overtake some most popular CBDC projects and might be launching one, really soon.
Even though there are not many details about Turkey’s CBDC project at the moment, there are a lot of indications for the same. Along with this statement from Ağbal, there were several other developments as well. In September 2020, there were reports that the Central Bank of Turkey was hiring experts for R&D on digital currency. This is quite indicative that the country will be launching its CBDC anytime soon.