Turkey Makes Big Strides in Blockchain Adoption, Impressed LBank CEO

• The Central Bank of Turkey (CBRT) has completed CBDC tests in December 2022 and is currently planning to use blockchain technology for online public services.
• LBank CEO Allen Wei has applauded measures taken by the Turkish government to utilize blockchain technology.
• Turkey has had many ambitious blockchain-based goals since the government unveiled its plan for a national blockchain infrastructure in 2019.

The Turkish government has been actively making efforts to utilize blockchain technology and this has been applauded by LBank CEO Allen Wei. Turkey’s journey with blockchain technology began in 2019 when the government unveiled its plan for a national blockchain infrastructure. This was an ambitious move from the forward-thinking government and since then, Turkey has made significant progress in the blockchain space.

In December 2022, the Central Bank of Turkey (CBRT) completed tests of its Central Bank Digital Currency (CBDC) and the government is now planning to use blockchain technology for online public services. This is a huge leap forward for the digital Turkish lira and has been praised by Allen Wei, who believes it is a positive step from the government.

The CBRT has also recently announced that the first payment transactions on the Digital Turkish Lira Network have been executed successfully and that advanced-stage tests will be run in the first quarter of 2023. Selected banks and financial technology companies will be included in the expansion.

Turkey has had many ambitious blockchain-based goals since 2019 and the government’s efforts are now beginning to bear fruit. This is a major step in the direction of wider blockchain adoption in Turkey and will benefit the country in many ways. LBank Exchange is looking forward to the positive developments that are sure to come in 2023.