Turkey Plans Government-Issued Cryptocurrency Turkcoin

According to the local media reports, Turkey plans government-issued cryptocurrency Turkcoin. Reportedly, Turkcoin would look into tokenizing asset-backed securities for the issuance.

23 February, AtoZForex Turkish government is reportedly planning to introduce its very own national cryptocurrency. The local media reports are citing Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the ex- Industry Minister of Turkey. Specifically, they state that he has drafted a report for the government with the purpose to propose a state-supported cryptocurrency “Turkcoin.”

Turkey Plans Government-Issued Cryptocurrency Turkcoin

As of the moment, the technical specifications of the proposed Turkish national cryptocurrency remain unclear. However, it is known that the lawmaker stated that Turkcoin would look into tokenizing asset-backed securities for the issuance. He also has argued that these securities would yield lower risks in comparison to the existing cryptocurrencies.

Following on this, the report from Ahmet Kenan Tanrikulu has outlined that such asset basket would also include some of the large public companies in the Turkish wealth fund. Some of the examples are the Turkish Airlines, the Istanbul Stock Exchange, and Turk Telekom.

Local media reports have quoted Ahmet Kenan Tanrikulu as saying:

“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”

Turkish Cryptocurrency Regulation concerns

Furthermore, the lawmaker has called for more clarity in terms of cryptocurrency regulation. He believes that the regulations would help control the cryptocurrency market in Turkey. Ahmet Kenan Tanrikulu has also highlighted that the lack of the legal framework for the Turkish cryptocurrency market could lead to the illegal use of the digital currencies.

Reportedly, he has 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.”

Mr. Tanrikulu’s remarks appear just some weeks after Turkey’s Deputy Prime Minister stated that the nation will be planning to launch a national cryptocurrency.

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