The Turkish government wants to launch a cryptomono issued by the Central Bank

The Turkish government is planning to launch a cryptonomy issued by the Central Bank by 2023. The 11th Development Plan for the period 2019-2023 includes a proposal to launch a digital coin based on Blockchain.

The Commission also planned to encourage the securitization of assets stored in banks. After Venezuela, which introduced a cryptomono supported by the petroleum reserve, it would be the first cryptomonnel backed by a central bank.

Cryptomonas, very popular in Turkey

One of the reasons behind the government’s decision is the popularity of cryptomonas in the country. A recent report reveals that 18% of Turks hold Bitcoin or other digital coins. According to CoinLib, the volume of Turkish money inflow into the crypto market is about 50% of that from the UK.

The Government of Turkey will also seek to establish stronger financial links across Europe through monetary funds, international payment systems and new tax systems. The country promotes the digitization of leasing certificates, stock portfolios and other types of documents.

Problem economy

Jan Dehn, a researcher at Ashmore Center, argued that Turkish President Tayyip Erdogan has implemented policies that have brought the country’s economy to the brink of collapse. A similar situation has also taken place in Venezuela.

If history is repeated, even if the government will try to promote the cryptomonas of the central bank, there are chances that the population will not be too open to the idea. In Venezuela, for example, citizens prefer Bitcoin or other cryptomonas for payments and investment.