One Turkish lawmaker that is affiliated with the political (ruling) party in Turkey has developed the idea of ‘Turkcoin’ – the first national cryptocurrency for Turkey. After talking about Bitcoin, the politician suggested to the government to open its own bitcoin exchange.
The former industry minister and deputy chair of the Nationalist Movement Party (MHP) Ahmet Kenan Tanrikulu has drafted a ‘detailed report’ about the potential state-controlled cryptocurrency. According to the report, the cryptocurrency is seen as a “national bitcoin” called “Turkcoin”.
Kenan Tanrikulu also added that missing out on decentralized blockchain technology has been an error on the government’s part so far. As he said:
“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”
His 22-page draft has not seen a public release yet. However, according to some reports the proposed Turkcoin could resemble the asset-backed securities from the country’s Wealth Fund including large public assets such as Turkish Airlines, the Istanbul Stock Exchange, Turk Telecom, Ziraat Bank, the National Lottery and other institutions.
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The politician has stated that by doing this, there would be low risk and volatility to the national cryptocurrency – and that the profits will be higher than those offered by bond yields.
Turkey seems to be one of the forward-thinking countries with plans on developing national cryptocurrencies. However, it is not the only one, especially after Venezuela and its oil-backed cryptocurrency which netted $735 million on the first day of its token sale.
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