Turkish Minister Proposes National Cryptocurrency

A 22-page report has been penned down by Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party (MHP) for making the government understand the requirement of a legal backing for regulating the country’s cryptocurrency sphere. The report is seen urging the Turkish lawmakers to come ahead with the development of a cryptocurrency regulatory framework.

The Turkish government have not been very welcoming of the cryptocurrency phenomenon which they had described as something similar to the Ponzi scheme which holds substantial investment risk. Mr. Tanrikulu feels that Turkey is shunning the positivity’s of revolutionary technology by prohibiting the spread of crypto in its national boundary. He was quoted as stating that, “The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late,” to the media outlet Al-Monitor.

The minister thinks that the adoption of cryptocurrencies is growing amongst the Turkish citizens in spite of a vacuum in the country’s legal sphere in regards to cryptos. Mr. Tanrikulu exclaimed that“The need for regulation is obvious,” however, “the use of those currencies in illegal activities must be prevented.”

A large array of policy recommendations has been made by Mr. Tanrikulu with the sole aim of strengthening the government’s regulatory capabilities regarding cryptocurrencies and competitiveness of Turkey’s distributed ledger technology sector. He was quoted as saying that, “We need to create the infrastructure for the blockchain database. There are nearly 1,400 digital currencies in the world today and many countries are using them […] Opposing those currencies is meaningless. This is a national issue which requires a national consensus.”

Mr. Tanrikulu had been an open advocate for the launch of a state-administered cryptocurrency in Turkey. He exclaimed that, “We, too, can create a digital currency, based on companies in the Wealth Fund. Since the demand exists, we should create and release our own digital currency.” Mehmet Simsek, the Deputy Prime Minister of Turkey recently hinted at the preparations undertaken by the country towards the launch of a nationalised crypto during an interview held with CNN earlier this month. He pointed out that, “We are planning to start our own work on digital currencies. We place high importance on digitalization.”

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.