A Turkish lawmaker has recently proposed a national cryptocurrency.
On bitcoin, the politician in question suggested the government open its own bitcoin exchange.
Turkey’s former deputy chair of the Nationalist Movement Party, Ahmet Kenan Tanrikulu, has reportedly drafted a ‘detailed report’ calling for the issuance of a state-controlled cryptocurrency.
A “national bitcoin”, the Al Monitor reported, called “Turkcoin.”
The lawmaker further said missing out on decentralized blockchain technology would mean a huge error on the government’s part, stating:
“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”
Details remain scarce as the 22-page draft has not seen a public release however the news reports reveals the proposed Turkcoin would resemble asset-backed securities from Turkey’s Wealth Fund that include large public assets including the Istanbul Stock Exchange, Turkish Airlines, Turk Telekom, and the Ziraat Bank, along with others.
The politician argued reliance on public assets would bring volatility and low risk to the proposed cryptocurrency with profits higher than those offered by sovereign bond yields.
This proposal follows a significant revelation by Turkey’s deputy prime minister Mehmet Simsek on February 7th, who said the government would begin to work toward launching a national cryptocurrency.
“We are planning to start our own work on virtual currencies,” the political official, said in an interview with CBNN. “We place high importance on this digitalization.”
The 22-page report also presented an overview on the current cryptocurrency space in Turkey, calling for attention on this unregulated field.
The trading of cryptocurrencies as well as creating income through bitcoin mining aren’t deemed criminal activity in the country, Tanrikulu said in this report, calling for regulations at a time when he claimed “many enterprises accept payment in cryptocurrencies and the number of customers using those currencies is only increasing.”