Central Bank of Turkey considers launching its own cryptocurrency


It is well-known the appetite Turkish citizens display for Bitcoin and cryptocurrencies as a hedge against currency inflation produced by the economic failures of the government.
And if this natural appeal makes sense as Bitcoin has been created to remain independent from the traditional financial system supported by national economies throughout the world, it is quite surprising to see that the government of Turkey is looking to base its economic growth on the same blockchain technology.
To be more specific, the Turkish authorities recently published the 11th Development Plan that covers the 2019 – 2023 years and it’s been designed to act as a financial guide for the economy of Turkey.
Among multiple topics included in the plan we should offer attention to the idea of a blockchain-based cryptocurrency that would be launched by the central bank of Turkey.
According to the document, blockchain technology should be included in various areas of the Turkish economy from transportation and customs to AI and Internet of Things, though too many details about the exact implementation methods are not provided.
The present political leadership of Turkey (though the word ‘present’ has in Turkey’s political space a more perpetual meaning) has considered the creation of a national cryptocurrency for some time as a possible solution to be used in case of growing economic troubles.
So, we have a Turkish government looking to launch a national cryptocurrency while we also have a great number of Turkish citizens using Bitcoin as a safe haven against the growing inflation of the Turkish Lira. Are digital assets slowly becoming the solution for poor economic choices?
We have to emphasize that cryptocurrencies bring multiple benefits, such as fast transactions, low fees and high security. In addition, for those choosing public blockchains, Bitcoin and other popular digital assets are also bringing the advantage of decentralization.
What cryptocurrencies cannot do is save humans from themselves and from the wrong decisions they make when creating weak economic plans that have nothing to do with long-term planning and common sense.

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