As the country struggles with soaring consumer prices and an inflation rate in the double digits, in an proclamation to members of Turkey's Parliament key bank governor Naci Agbal revealed that "conceptual" research had been completed on a Turkish central banking concern digital currency (CBDC), and that practical tests for such a currency would begin in the latter half of 2021.

"There is an R&D projection initiated on digital money," said Agbal, according to two local outlets. "Currently the conceptual phase of this projection has been completed. Nosotros aim to start airplane pilot tests in the 2d half of 2021."

While the announcement came as a surprise to some, Turkey has been researching a possible CBDC since mid-2019. Additionally, as Cointelegraph has previously reported, a 2021 rollout of a digital Lira would actually exist something of a delay — in November of 2019 Turkish president Recep Erdoğan announced that tests for a digital Lira organisation would be consummate by the end of 2020.

The progress on a CBDC comes as the country's central depository financial institution grapples with inflation as loftier every bit 14%. In a statement to reporters last week, Agbal — who was appointed as the central banking concern'due south head simply last calendar month — that the bank is "determined" to lower inflation and meet a year-end target of 9.four%.

Turkey has previously been reported to be amongst the virtually active countries in the globe for cryptocurrency, with xx% of the population property digital coin. However, new survey research shows that while many accept organized religion in Bitcoin, those statistics might exist somewhat inflated.