Whenever the topic of tourism is brought up, Turkey is one of the countries that the majority of the tourists have on their travel list. The country is very popular among the tourist community because of the beautiful places and sceneries it has to offer. In addition to this, the country is home to a lot of Islamic history and has a lot of buildings and monuments that represent the Islamic Caliphate.
Amid all the good things the country has been facing a lot of economic problems and pressure for the past few years. At present, the country has been facing a surge in its inflation prices that are currently in double-digits. In addition to the inflation rate, consumer prices are also soaring in the country at a very high rate.
Looking at the current situation of the country’s economic and inflation rate, the Turkish Government has started taking the necessary steps to tackle the problem at hand. Just recently, the governor of the Turkish central bank ‘NaciAgbal’ made an announcement for the members of the Turkish Parliament.
The governor revealed that their development teams have finally completed their conceptual research on the Turkish central bank’s digital currency. Agbal also confirmed that conceptual research on the project has come up with positive results. Therefore, based on the current results, the central bank of Turkey is confident in taking the project to the next level.
The central bank of Turkey also confirmed when it will be carrying out the practical testing of the central bank digital currency (CBDC). It has been confirmed that the first part of the year 2021 will be dedicated to the development of the practical infrastructure for the CBDC. The latter part of the year 2021 will be dedicated to conducting practical testing for the CBDC.
The announcement has come up as a surprise for the majority of the people in Turkey. However, the truth is that Turkey has been working on a digital-currency solution since the mid of the year 2019. When the CBDC project commenced, it was announced that the digital-lira will be in the public rotation by the start of the year 2021. Unfortunately, the project faced a delay in the researching phase due to the COVID-19 pandemic.
Now it has been announced that the entire year of 2021, will be dedicated to testing and running a pilot for the digital-lira. However, even after starting in the middle of the year 2019, Turkey has made a lot of progress and developments in the digital-lira sector.
The main factor that has led the Turkish government to expedite the process is the extremely high inflation rate that the country is currently facing. The central bank of Turkey has confirmed that as of now, the country’s inflation rate is 14%.
