Despite the ongoing battle with fast rising consumer prices and an inflation rate, Turkey has reportedly disclosed that “conceptual” research has been carried out, regarding a national CBDC. 

Specifically, as revealed via an announcement made to members of Turkey’s Parliament central bank, governor Naci Agbal reportedly claimed that studies into a digital Libra for the country has been going on since last year, and practical tests would be initiated in the latter half of next year. 

“There is an R&D project initiated on digital money. Currently the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.” Agbal reportedly remarked. 

Although many may be taken by surprise with the newly disclosed development, Turkey has reportedly been spending investment in deep-diving into studies for a CBDC around mid-2019. 

Moreover, a release of the digital Libra to be finalized in 2021 could reportedly be considered a hold-up, as in November last year, Turkish president Recep Erdoğan reportedly stated that trials for a digital Lira system would be carried out with a deadline being the end of 2020. 

The development regarding the CBDC process reportedly surfaced amid the time the nation’s central bank is struggling with inflation issues, as high as 14%. 

Agbal – who took up the role of the central bank’s head just in November 2020 – reportedly claimed that the bank is “determined” to bring down inflation and achieve a year-end target of 9.4%.

Turkey has reportedly established itself as one of the nations with the most pro-attitude towards crypto, with rou