LBank Heralds Major Blockchain Adoption in Turkey

by Arthur · January 7, 2023

INTERNET CITY, DUBAI, 6 January 2023, Chainwire

LBank, the licensed European cryptocurrency exchange, has applauded steps taken by the Turkish government to use blockchain technology. LBank CEO Allen Wei has highlighted a number of positive developments in Turkey, including CBDC trials and regional blockchain projects.

The Central Bank of Turkey (CBRT) completed CBDC tests in December 2022, and the government is currently planning to use blockchain technology for online public services. Both signal an even stronger embrace of blockchain technology in 2023.

“Turkey is an exciting market that is in the top 10 in crypto adoption globally,” said Allen Wei, co-founder and CEO of LBank Exchange. “Efforts like these demonstrate Turkey’s willingness to push for broader blockchain integration in the country. It is a boost for the digital Turkish lira and a positive step from the forward-looking government.”

Since the Turkish government unveiled its plan for a national blockchain infrastructure in 2019, Turkey has had many ambitious blockchain-based goals. Apart from specific project announcements, however, there have been few deliveries. This looks set to change in 2023, with several promising projects in an advanced stage of development.

A recent one statement from CBRT revealed that “the first payment transactions on the Digital Turkish Lira Network were successfully executed.” It said further advanced tests will be run in the first quarter of 2023, and selected banks and fintech companies will be selected to be included in the expansion.

The official announcement for a CBDC came in September 2021. Initially, the CBRT did not commit to a digital Turkish lira. However, the latest statement mentions that “CBRT will continue to run tests for authentic architectural layouts designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.”

“Testing and successful implementation of the digital Turkish lira is seen as a major step towards rolling out a digital lira,” said Adem Özkan Özdil, LBank Community Manager for Turkey. Beyond Turkey’s CBDC, the government has made other commitments, such as testing and integrating blockchain technology into public services.

Amid the news about the digital Turkish lira, the Vice President of Turkey, Fuat Oktay, announced is planning a blockchain-based digital identity application during the Digital Turkey 2023 event. Many government services, including housing and military services, will be integrated into the E-Devlet portal, which will use a blockchain-based digital identity and login system.

Turkey first shared its vision of using blockchain technology in public services in 2019. In its Strategy 2023 presentation, Turkey’s Ministry of Industry and Technology set blockchain and distributed ledger technology (DLT) as one of its priorities in 2020.

Further is the city Konya, one of the most important cultural centers in Turkey, revealed in 2020 that it planned to develop a “city coin” and use blockchain technology to fund social programs. Konya served as an initial test to see how blockchain technology works with public services at scale.

About LBank
LBank, founded in 2015, is an innovative global trading platform for various cryptoassets. The exchange provides users with secure crypto trading, specialized financial derivatives and professional asset management services. It has become one of the most popular and trusted crypto trading platforms, with over 7 million users from more than 210 regions around the world.

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