The past one hundred years haven’t been the best of times for Turkey. That said, politicians in Ankara are looking to catch some of the nation’s former glory via cryptocurrency. Al-Monitor, a middle eastern news outlet has reported that Ahmet Kenan Tanrikulu, the chairman of Turkey’s Nationalist Movement Party and the country’s former Industry Minister has concocted a report that calls for Turkcoin, a state-backed cryptocurrency.
When it comes to the technical side of the coin, the masses are still left largely in the dark, although the lawmaker has said that the Turkcoin’s objective is to tokenize asset-backed securities for the insurance. He has further stated that doing so would produce less risk when compared to all the other cryptocurrencies on the market. “The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.” Tanrikulu stated.
Like many other government heads, Tanrikulu has stressed that cryptocurrency needs to be regulated and completely controlled. Without any legal structure, cryptocurrency can be used with criminal intent. The lawmaker detailed why regulations are so important in the matter of cryptocurrency “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,”
It shouldn’t be shocking that Turkey’s interest in concocting their own cryptocurrency comes only a few days after Venezuela’s launch of the petro, their very own cryptocurrency. According to Nicolas Maduro, the country’s president, the coin has already raised $735 million. First Venezuela and now maybe Turkey. One has to wonder who is next amongst the countries anxious to push out their own coins.