Recently we heard that People's Bank of China plans to become the first central bank to roll out its own digital currency called "DCEP" after working on the project for about six years.
Seems that Facebook’s Libra project led Beijing to accelerate its efforts and China's central bank may launch its own digital currency already in the next 18 months.
Analysts and industry leaders are flagging geopolitical implications of China launching a competing cryptocurrency first, especially if Libra hits a brick wall with U.S. regulators.
China's just making a giant move forward in trying to come out with their central bank digital currency first.
And now, we hear that there is another country making very real progress – Turkey.
Turkey might become the second country after China to launch its official Central bank-backed cryptocurrency. Turkey will begin testing the cryptocurrency early next year and the plan is to launch it by the end of the next year.
Turkish digital Lira will be a blockchain-based currency, and in addition to the central bank, the national tech innovation agency, Scientific and Technological Research Council of Turkey (TUBITAK), will also be included in the project.
Main objective of Turkey’s cryptocurrency is to establish a financial sector with a strong institutional structure that can help boost the country’s economy and support Istanbul’s goal of becoming an attractive global financial center.
So, who is next?
Great Britain, Singapore and Canada have also conducted experiments on how digital tokens might be integrated into the financial system.
It looks like more and more central banks all around the world are considering the option to issue official cryptocurrencies in order to compete with decentralized digital currencies.
The revolution has just started.
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Bitcoin and altcoins are likely to explode soon or later and it is good to be prepared.