Sunday, 20 September 2020

Turkey to roll out digital currency soon

Annual Presidential Program announces plan to establish financial technopark in Istanbul

Turkey is set to introduce blockchain-based digital currency, according to data compiled by Anadolu Agency from the country's Annual Presidential Program.

Turkey will launch the currency after its design, development and testing phases are completed. Testing is expected to start in 2020.

The announcement comes as China is preparing to become the first country to roll out a domestic digital currency, a development financial markets across the globe are closely watching.

Digital currencies use the blockchain technology -- known as distributed shared ledgers -- to record transactions.

Turkey's program aims at creating a roadmap for the development of Fintech ecosystem in Turkey.

In this scope, a financial technopark will be established in Istanbul.

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