The 12th Development Plan, announced by Vice President Cevdet Yılmaz at the Turkish Grand National Assembly yesterday, also touched upon financial technology and blockchain. In the plan, which includes hundreds of topics from automotive to energy, agriculture to intellectual property rights, it was stated that blockchain technology is now transforming financial markets.
“With blockchain, data is now more secure and transparent…”
In the section stating that blockchain technology increases efficiency and ensures security in financial markets, the following statements were made:
“Blockchain technology, which enables distributed data to be presented more securely and transparently, is expected to be used more widely in many areas, particularly data protection. With the development of technology and the acceleration of communication tools, the efficiency of services in financial markets is increasing at a high rate. The digitalization process and the business practices of financial technology (fintech) companies are transforming financial markets by increasing efficiency. The use of digital currencies, especially those developed based on blockchain technology, by central banks is expected to become widespread.”
“Digital lira will be the only currency in circulation”
In 2028, the digital Turkish Lira will be in circulation, and the carbon footprint and securities exchange can be done with central bank digital currencies:
“In 2028, the digital Turkish lira, which will be introduced alongside physical money, will be developed in all its economic, social and social dimensions and will become the only currency in circulation, and the finance sector will be in a position to export technology in the period leading up to 2053.
Financing will be provided for green technological investments aimed at zeroing the carbon footprint and Turkey will become one of the leading countries in global green finance.
Turkey will be among the leading countries in the world in the scale and efficiency of fintech activities by ensuring the development of financial technologies under the leadership of the Istanbul Finance Center (IFC).
In 2053 Turkey, a capital market in which private sector investments are predominantly funded by capital markets, crowdfunding platforms become widespread and deepen, and equity-weighted funding will be prioritized. With the deepening of capital markets, listed companies will reach a market capitalization above the national income level.
Efforts will be undertaken to develop, introduce and popularize the digital Turkish lira. Efforts for the settlement of securities transactions with the Central Bank Digital Currency will be executed.”
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