Turkey Embraces Blockchain Technology: CBRT Tests Completed, National Infrastructure Planned

• Turkey has taken steps to embrace blockchain technology, with the Central Bank of Turkey completing CBDC tests in December 2022.
• LBank Exchange applauds Turkey for its forward-thinking approach and for ranking among the top 10 in crypto adoption globally.
• The Turkish government has unveiled its plan to create a national blockchain infrastructure, and further advanced-stage tests are set to be run in the first quarter of 2023.

The Turkish government has been quick to recognize the potential of blockchain technology and has taken strides to embrace its use in the country. The Central Bank of Turkey (CBRT) completed CBDC tests in December 2022 and the government is currently planning to use blockchain technology for online public services. This shows the government’s commitment to pushing for wider blockchain integration in the country.

These efforts have been applauded by LBank Exchange, the licensed European cryptocurrency exchange. Allen Wei, Co-Founder and CEO of LBank Exchange, has highlighted the positive developments in Turkey, noting that the country “ranks among the top 10 in crypto adoption globally.”

The Turkish government first unveiled its plan for a national blockchain infrastructure in 2019, with the intention of creating a digital Turkish lira. Whilst there have been few tangible results since then, the CBRT recently revealed that the first payment transactions on the Digital Turkish Lira Network had been successfully executed. The CBRT has stated that advanced-stage tests will be run in the first quarter of 2023, with selected banks and financial technology companies being chosen to be included in the expansion.

It is clear that Turkey is determined to make the most of blockchain technology in the coming year. With LBank Exchange applauding the government’s efforts, and further advanced-stage tests set to be run in the first quarter of 2023, the country looks to be on track to taking full advantage of this revolutionary technology.

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