Turkey In The Process Of Launching A National ‘Bitcoin’

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

He 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.”

He also calls for the government to create an infrastructure that will capture all blockchain data:

“Opposing cryptocurrencies in the country will not work and is an effort in futile”

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 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."

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