National Cryptocurrency Proposed by Lawmaker in Turkey

Photo via Beyaz Gazete

Turkish politicians are reportedly in talks to launch a national cryptocurrency.

According to a report that was released by Al-Monitor, the deputy chair of Nationalist Movement Party of Turkey and the former Industry Minister of the country, Ahmet Kenan Tanrikulu, has sketched a report to propose for a state-backed cryptocurrency that is called “Turkcoin.”

Even though the technical specifics remain to be unclear, the lawmaker promotes that Turkcoin would intend to tokenise asset-backed securities for the issuance, which he said would allow lower risks compared to the existing cryptocurrencies.

The report said that such asset basket would include large public companies in the wealth fund of the country such as the Istanbul Stock Exchange, Turk Telekom, and Turkish Airlines.

He informed Al-Monitor that “the world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”

In the report, the lawmaker also called for clearer regulation on cryptocurrencies in an attempt to control the market. He says that the absence of a legal framework over cryptocurrency in Turkey could result in illegal use.

Reportedly, he stated: “The introduction of encouraging regulations after assessing all kinds of risks would enable us to generate revenues from the cryptocurrency market, especially from bitcoin. In this context, the country needs a bitcoin bourse and legislation to regulate this realm.”

Notably, the comments of Tanrikulu come weeks after the Deputy Prime Minister of Turkey said that his government would try to launch a national cryptocurrency during an interview that was conducted with CNN Turkey.

The potential consideration of Turkey also arrives days after Venezuela has seen the own token sale of the country, through which Nicolas Maduro, its President, claimed that the nation had already raised $735 million so far.