The Turkish government considers to launch a “Turkcoin”cryptocurrency
Encrypted currency is in full swing around the world, but most are corporate actions. However, whether it is to encrypt huge profits in the money market, the important impact on future development, or the lack of some negative effects caused by its supervision, the government also wants to have a mixed bag or a piece of cake. Al-Monitor, the Middle East news source, reported recently that politicians in Turkey are planning to launch state-level cryptocurrencies.
It was reported that Ahmet Kenan Tanrikulu, deputy chairman and former Minister of Industry of the Turkish Nationalist Movement, drafted a report proposing a county-supported cryptocurrency called Turkcoin.
Although technical details remain unclear, lawmakers claim that the Turkish currency will be designed to act as a token of asset-backed securities. He thinks the risk will be lower than the existing cryptocurrency in this way.
The report said the basket will include large publicly traded wealth funds such as Turkish Airlines, Istanbul Stock Exchange, and Turkish Telecom.
Tanrikulu told Al-Monitor:
“The world is moving towards a new digital system where Turkey should create its own digital system and currency as soon as possible.”
Elsewhere in the report, Tanrikulu also called for more explicit regulation of cryptocurrencies to contain the market. In his opinion, the absence of a legal framework for cryptocurrencies in Turkey could lead to unprotected legal activities, whereas the illegal use of cryptocurrencies is not governed by the law.
“By introducing encouraging regulations after assessing various risks, we can generate revenue by encrypting money markets, especially Bitcoin, in which case Turkey needs a bitcoin exchange and legislation to regulate that area.”
In a few weeks after Tanrikulu made the comment, the Turkish Deputy Prime Minister told CNN Turkey during his interview that his government will seek to launch a nationwide cryptocurrency.
A few days before Turkey considered launching its own cryptocurrency, Venezuela had just started its own token sales. President Nicos Maduro claims that Venezuela has earned $735 million on the first day of pre-sale.
Source: al-monitor
