Turkish Bitcoin..the new government’s plan to support the “lira”
According to the 2022 Annual Presidential Program prepared by the Department of Treasury and Finance and the Strategy and Budget Department, the USD/TRY digital model is scheduled to be launched in 2022.
Last month, Turkey's central bank announced that it had set up a "digital cooperation platform in Turkish lira" with Aselsan (IS:ASELS), Havelsan and Tubitak Belgem. In the first quarter of this year, the digital Turkish lira was also included in the calendar of the economic reform plan announced by the Ministry of Treasury and Finance. It was mentioned in the Economic Reform Assessment that the legal infrastructure for the digital lira will be completed by the end of the year.
The results of the first phase of the pilot application carried out by the Central Bank of the Republic of Turkey, the Ministry of Treasury and Finance and TUBITAK within the scope of studies for the development of a digital Turkish lira based on a block chain will be shared with the public in 2022. Within the scope of this study, it is planned to expand and pursue experimental applications. Accordingly, it was stated that the scope of R&D and testing studies will be expanded to meet the requirements of the digital lira for current and advanced technologies.
In the 2022 Annual Presidential Program, it was also mentioned that studies will be conducted on how to integrate the Turkish Lira digital platform with other systems.
The legal infrastructure for the digital lira will be ready by the end of the year
Treasury and Finance Minister Lutfi Elvan stated that the legal infrastructure for the digital Turkish lira based on the block chain will be ready by the end of the year, as mentioned in the economic reform plan calendar in March.
The head of the Central Bank of Turkey, Ahab Kavcioglu, also mentioned in comments he made over the summer that work on the digital lira is continuing quickly and that the first phase of pilot studies will start in September. In the statement made by the Central Bank, it was mentioned that the “Digital Turkish Lira Network” will be established within the scope of the first-phase pilot applications and closed-circuit pilot studies will be conducted with the relevant parties in the field of technology.
In addition, the Central Bank of the Republic of Turkey, at the beginning of the second quarter of this year, presented an important regulation regarding the use of digital currencies in Turkey. According to this regulation, direct or indirect payments related to cryptocurrency are prohibited in the country.