Turkey will launch its own state-backed crypto in 2021 and this move has the potential to bring increased interest in government-backed digital coin launches by other countries and companies as we are reading further in the crypto news today.
Social media reports show that 2020 is the year when Turkey will launch its own digital currency but it turns out that this is not going to happen. The decision for launching a state-backed digital asset comes after months of price weakness of the national Lira. The country could be joining China in minting a new kind of asset which is a large-scale national crypto coin. The People’s Bank of China already showed that the country is getting ready with the launch as soon as the end of November.
So far, the actual launch of the state-backed crypto assets has been only an affair. There were a few attempts that ended up with no actual tokens being distributed. The launches faced multiple hurdles as the European Central Bank came hard on Estonia’s Estcoin. Venezuela’s Petro is another attempt of a national cryptocurrency but there is no sign of a smart contract or an actual token. The Marshal Islands are ready to distribute their SOV cryptocurrency but they are taking out the preliminary tokens and thus delayed the launch.
The Digital Lira is still in its very early stages. There is a potential for a national digital asset which was mentioned by the Turkish President Recep Erdogan and he even pointed this out in his Presidential program for 2020. In the upcoming year, the tests for the coin should be coming to their end according to the latest documents.
Turkey is one of the most prominent cases of organic crypto adoption. The national currency of the country is sinking continuously against the US dollar and has done so in the past years. The locals have turned to Bitcoin and other cryptocurrencies as a hedge against hyperinflation as well as political uncertainty. The interest for Bitcoin in the country has dropped in the country according to the data from Local Bitcoins in 2017 but they are still considering crypto as a way to protect themselves.
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