Erdogan to Order CBDC Test to be Finished in 2020

Strengthening financial sector infrastructure is one of the key goals of upcoming digital lira
06 November 2019   289

Turkish President Recep Tayyip Erdogan instructed the government to complete pilot tests of the digital lira from the central bank in 2020, the Cointelegraph reports citing Resmi Gazete.

Among the goals of the Turkish CBDC are:

  • strengthening financial sector infrastructure;
  • reduction of financing costs of the real sector of the economy;
  • expansion of financial instruments for investors;
  • supporting Istanbul's desire to become an attractive global financial center.

Earlier, the country's authorities announced the creation of a national blockchain platform.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   92

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.