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Turkey in the Process of Launching a National ‘Bitcoin’

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As reported by Al-Monitor, the former industrialization minister, Ahmet Kenan Tanrikulu, has already penned a proposal on how the government can benefit from the recent surge in cryptocurrency by introducing a government-backed coin; Turkcoin.

The globe is evolving in the new digital dispensation and Turkey should capitalize on the new development by creating its own virtual currency system before it is late,

– Ahmet told Al-Monitor.

The politician argued that despite the government advising its citizens to keep away from cryptocurrencies, they are widely used in Turkey without any legal framework. “There is need for regulation to provide a framework that will also curb the use of cryptocurrency in illegal activities”, said Ahmet.

In his 22 page proposal, Ahmet calls for the Turkish government to create an infrastructure that will capture all blockchain data. He argued that other governments in the world are using the over 1400 cryptocurrencies to create wealth for their citizens, and Turkey should not be an exception. “Opposing cryptocurrencies in the country will not work and is an effort in futile”, Ahmet argued.

The Need for National Consensus

Ahmet’s proposal was seen as a means of spurring a national debate on the issue of cryptocurrencies in Turkey. Following the release of the report, the Turkish finance ministry and the capital markets authorities have started to look at the current legal gaps with the aim of regulating the cryptocurrency market. While the government still maintains its stance on Bitcoin and other digital coins, the idea of a national cryptocurrency seems viable. In an interview with CNN Turkey, the deputy Prime Minister in charge of the economy said the government was working on modalities to develop and launch a national cryptocurrency.

Use of cryptocurrencies is still illegal and risky in the country at the moment; however, the government plans to begin preparations on a digital currency. The government values digitalization,

-The Prime Minister told CNN.

There are many companies in the country who have said they are willing to commit their resources towards the attainment of a national cryptocurrency. There is no doubt that the prospects of a new cryptocurrency in Turkey will be a topic for debate in the coming days, week and months.

Image Credit: Deposit Photos

Do you think a national cryptocurrency in Turkey will work? Share your thoughts in the comments section.

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