06 November 2019 17:17, UTC

It seems that states are vying with each other to explore the possibility of introducing national digital currencies: Turkey is working in a blockchain-based digital currency and is set to finish its testing by the end of 2020.

The digital lira is set to be issued by the country’s central bank when ready for launch, according to the country’s Annual Presidential Program. Turkey’s government is also looking to develop a platform to process instant payments based on new currency.

Resmi Gazete published a document detailing the digital lira as part of plan to strengthen the country’s economy. The document reads:



“The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul's goal of becoming an attractive global financial center.”

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The Turkish government is also reportedly looking into implementing blockchain technology in other sectors, including public services and administration. The move comes as China is also close to launching its own digital currency while the US Federal Reserve and the EU are also mulling the launch of digital currencies Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies