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Turkey Crypto News

Turkey announced the success of the pilot phase of its digital Lira project, according to the Central Bank of the Republic of Türkiye (CBRT).



CBRT said in <a href="https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2022/ANO2022-55" target="_blank" rel="noreferrer noopener">a press release</a> that the first payment transactions on the network of its newly-launched central bank digital currency (CBDC), digital lira, were successfully conducted. The Turkish central bank confirmed that it would continue its limited, closed-circuit pilot tests with tech stakeholders in the first quarter of this year.



According to the bank, a comprehensive evaluation report on the findings of these tests will be shared with the public. CBRT pointed out that it would choose banks and financial technology companies to expand the digital lira collaboration platform, adding the pilot stage will include wider participation.



Since 2021, the central bank in Turkey has stepped up its efforts to launch its CBDC, digital lira, in collaboration with various tech companies, including Tubitak-Bilgem and Havelsan, to research, develop and test it.



At the level of the Middle East countries, Egypt was the last country whose central bank is currently studying the adaption of its CBDC. The Central Bank of Egypt (CBE) said internal and external working committees from all related ministries and bodies had been formed under the presidency of the central bank to study the adoption of CBDC.



Offering more resilience, safety, greater availability, and lower costs than private forms of digital money, CBDC is a new form of money that exists only in digital form. Instead of printing money, the central bank issues widely accessible digital coins so that digital transactions and transfers become simple.

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Crypto

Turkey Announces Success of Pilot Phase of Digital Lira

Despite the crypto bear market, the interest in crypto is still growing as people seek crypto-related information. A recent study by CryptoManiaks, a crypto education platform, found that Turkey topped the Middle East&#8217;s countries in terms of searching for cryptocurrencies.



CryptoManiaks reported that Turkey accounted for 4.7 million crypto-related searches (5.5% of the population). While the Netherlands topped the world&#8217;s countries in searching for crypto-related items (8.2% of the population), <a href="https://cointelegraph.com/news/turkey-has-an-obsession-with-crypto-specifically-dogecoin-study" target="_blank" rel="noreferrer noopener">according to Coin Telegraph</a>.



Turkey became the world&#8217;s top country in Dogecoin-related searches, hitting 812,000 monthly searches. This number doubles the number of searches for Ethereum, which is the third most searched cryptocurrency in the country. Binance Coin, Bitcoin, and Solana were among the cryptocurrencies mentioned in the research.



Germany, the Czech Republic, and Canada came following the Netherlands and Turkey. Although the US and UK are major players in the crypto industry, they were not ranked in first or second places regarding the number of searches. The US came in 15th place with 1.9% of the population searching for crypto-related items. While the UK came in 12th place (2.6% of the population).



In this regard, CryptoManiaks spokesman said that Dogecoin&#8217;s popularity has remarkably exceeded Ethereum&#8217;s popularity in a number of countries, reaching about 2 million more monthly searches worldwide for the cryptocurrency. Dogecoin&#8217;s popularity grew up over the past month after Elon Musk&#8217;s acquisition of Twitter.



It is worth mentioning that Turkey took significant steps in crypto regulation. According to research by the Turkish crypto exchange Paribu in 2022, there are at least 8 million people in Turkey engaged in crypto. Turkish President Recep Tayyip Erdogan showed his interest in making his country a producer of digital assets, not a consumer.

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