Turkey Considering Its Own National Cryptocurrency

As Venezuela continues to promote and sell its own national cryptocurrency, Turkey is considering getting into the field with its own new currency. This is according to a report from Al-Monitor.

Former Turkish Industry Minister and current chair of the country’s Nationalist Movement Party Ahmet Kenan Tanrikulu is proposing the creation of a new currency called the Turkcoin. This new currency would entail a series of securities that back up the value of the currency. It would be less risky than another existing cryptocurrency that is not well regulated or backed by anything.

Details on how the Turkcoin would be produced or how it would be supported are not fully clear at this point. However, the Turkcoin would work with a few assets from Turkish Airlines, Turk Telekom and any other organizations based out of the country.

The Nationalist Movement Party has gotten some added support from the Justice Development Party for producing the currency. The Justice Development Party is the current ruling group in the country.

The same report that revealed information on the Turkcoin also stated that the Turkish government is aiming to have more control over the cryptocurrency market by adding new regulations. This comes amid worries that people might use cryptocurrencies illegally and might even engage in actions like money laundering when using them.

Tanrikulu wrote a full 22-page report outlining the efforts that can be utilized for getting Turkey to enter into the market. The report states that the Turkish government made a mistake by not getting onto the blockchain earlier, but he also argues that the government still has time to take advantage of the rise of cryptocurrencies as they continue to be traded well.

The report also looked into how cryptocurrencies are growing on the market. Details on how the Turkish government could financially benefit from the industry and its ongoing growth were included in the report as well.

Possible regulations introduced in Turkey could help to raise funds for the national government. These might include funds from taxes upon bitcoin investments among other things. The government has not revealed any specifics as to how it would regulate the market though.

Other cryptocurrencies would not be outlawed by the new Turkcoin though. A new bourse or exchange would be set up within Turkey to allow for help with getting the bitcoin and other cryptocurrencies traded in Turkey. The currencies involved in the setup would help with improving upon how well the currencies in the market are managed.

The move comes amid the ongoing work for Venezuela to produce its own cryptocurrency. That country’s Petro currency had raised nearly a billion dollars in its pre-sale as the country looks to fund its operations and get around the sanctions imposed upon it by many organizations.

In fact, Turkey’s move is on par with some other countries in terms of how they are trying to establish various specific currencies. Iran has also recently announced a desire to produce its own national cryptocurrency amid ongoing sanctions against it from various larger countries.

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