Turkey is mastering the Blockchain
2020 is gradually coming to an end, and we are going to take stock of this landmark year. The general selection of events will unambiguously include many studies of cryptocurrencies, which are being carried out by large states. Among the latter is Turkey, which announced that it intends to start studying the cryptoindustry in 2021. And, of course, creating your own digital coin. Next, we’ll look at the details of the upcoming project. Let us tell you how the Turkish CBDC differs from similar European projects. So, without further ado, let’s get started.
Basic theory
First of all, let’s look at what is generally meant by CBDC. Our regular readers know that the abbreviation CBDC hides the concept of a domestic cryptocurrency. Indeed, many countries are already realizing the benefits of Blockchain and embracing the digital space. The world is steadily evolving and countries like Turkey are realizing that many government projects can be simplified by using advanced blockchain algorithms. National tasks such as paying taxes, controlling citizens and other usefulness are becoming much easier.
In addition, the security of the state economy is improving. After all, you see, it is very difficult to monitor the circulation of paper money, despite the presence of individual banknote numbers. It is much easier and more understandable to track funds using a digital coin. As you know, doing this with cryptocurrency is elementary. That is why Turkey is planning to start creating its own project. The latter will help in each of the above aspects.
How exactly will Turkey develop the project?
First, let’s tell you who is behind the creation of a digital asset. The Turkish platform will be created by the efforts of the specialists of the state national bank. The head of the organization announced the start of development. Project representatives note that the start of work begins at the end of 2021. The allotted time will be used for numerous tests. The state structure will obviously take a responsible approach to its own undertakings, state representatives will note the features and failures of the already developed CBDCs. And, based on the conclusions made, sooner or later, they will present their own project.
However, all our readers from Turkey should temper their own ardor and get ready for the long wait for the launch of the project. It is likely that we will not see the start of the new state cryptocurrency throughout the entire 2021. It should be understood that this is a rather lengthy project. After all, government specialists have a lot of work to do. Only a responsible approach will allow you to get a competitive, interesting and worthy project. And this, as you know, is a question of many months.
Summary: to invest or not?
It is not yet known whether the Turkish authorities will provide an opportunity to invest in their own project. However, we are almost certain that Turkey’s CBDC will collect money from interested projects and private investors. Is it worth investing in a new cryptocurrency if such an opportunity is developed? Definitely yes. This is a unique opportunity to join the development of the project of the future, support the development of an advanced solution and earn a lot from the natural growth of the coin’s value. But the potential investor must make the final conclusions on his own. You must weigh the pros and cons to make the best decision for your own investment portfolio.
The main thing at the moment is to follow all the CBDC news in Turkey. To stay up to date with the latest developments regarding this project and other industries of the crypto industry, stay tuned to the blockchain world with us. We regularly publish interesting and relevant material. Thanks for attention. We wish you good luck and successful work in the new year 2021!
