Turkey to Pilot its Central Bank Digital Currency in 2H of 2021

The Central Bank of the Republic of Turkey (CBRT) will roll out a pilot program of national digital currency (CBDC) in the second half of 2021.This was reported on Friday by Turkey’s central bank chief Naci Ağbal.

The details of Turkey CBDC project are not yet available. Turkey has never before disclosed CBDC ambitions. The Bank for International Settlements database has no record on Turkey CBDC project.

Major economies like Japan, the US, and several European countries are also considering the CBDC option. Although 80% of central banks are considering national digital currencies according to the BIS, only CBDCs of China, Sweden and the Bahamas have passed a soft launch phase.