Major Blockchain Adoption Announced by LBank in Turkey

Major Blockchain Adoption Announced by LBank in Turkey

LBank, a legally recognised cryptocurrency exchange in Europe, has praised the Turkish government’s use of blockchain technology. A number of encouraging developments in Turkey, such as CBDC trials and local blockchain projects, have been emphasised by LBank CEO Allen Wei.

According to Allen Wei, co-founder and CEO of LBank Exchange, Turkey is one of the top 10 markets in the world for cryptocurrency adoption. “Efforts like this demonstrate Turkey’s commitment to pushing for more blockchain use in the nation. It’s a step in the right direction from the government and will help the digital Turkish lira.

The government presently plans to deploy blockchain technology for online public services. The Central Bank of Turkey (CBRT) concluded CBDC tests in December 2022. Both indicate that blockchain technology will be more widely used in 2023.

Turkey has several lofty blockchain-related objectives since the Turkish government published its aim for a national blockchain infrastructure in 2019. There haven’t been many deliverables, except from statements about certain projects. With several potential projects in advanced stages of development, this is set to change in 2023.

A CBDC was formally announced in September of 2021. The CBRT initially refrained from committing to a digital Turkish lira. But according to the most current statement, “the CBRT will continue to undertake tests for legitimate architectural setups established in areas like the usage of distributed ledger technologies in payment systems and the integration of these technologies with immediate payment systems.”

According to a recent CBRT statement, “the first payment transactions on the Digital Turkish Lira Network were successfully conducted.” Further advanced-stage tests, according to the report, will be conducted in the first quarter of 2023, and only a few banks and financial technology firms will be picked to participate in the expansion.

According to Adem Zkan Zdil, LBank Community Manager for Turkey, “testing and successful completion of the digital Turkish lira is viewed as a huge step towards rolling out a digital lira.” The Turkish government has also committed to testing and using blockchain technology into public services, in addition to the CBDC.

The Vice President of Turkey, Fuat Oktay, revealed plans for a blockchain-based digital identity application during the Digital Turkey 2023 event amid reports regarding the digital Turkish currency. The E-Devlet platform, which will employ a blockchain-based digital identification and login system, will be integrated with many public services, including home concerns and military services.

In 2019, Turkey announced its intention to use blockchain technology in public services. Blockchain and distributed ledger technology (DLT) were included as one of the objectives of 2020 by Turkey’s Ministry of Industry and Technology in its presentation of its Strategy 2023. Additionally, one of Turkey’s most significant cultural hubs, Konya, said in 2020 that it intended to create a “city coin” and employ blockchain technology to finance social activities. A large-scale test of how blockchain technology integrates with public services was conducted in Konya.

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