The minister claimed that cryptocurrency adoption is growing regardless of the current legal vacuum about currencies of the country among Turkish citizens. “The need for regulation is clear,” Mr. Tanrikulu said, adding that “the usage of these currencies in prohibited activities have to be avoided.”

The minister also advocated that Turkey develop a virtual currency that was state-administered. Mr. Tanrikulu said “We, also, can create an electronic currency, based on businesses from the Wealth Fund. Considering that the need exists, we ought to produce and release our own digital currency.”
Pictures courtesy of Shutterstock

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MHP Chair Authors Cryptocurrency Report

Turkish Minister Proposes National Cryptocurrency
Minister Ahmet Kenan Tanrikulu

The MHP deputy seat and former Industry Minister, Mr. Tanrikulu, has written a comprehensive report seeking to encourage Turkish lawmakers to develop a regulatory apparatus for cryptocurrencies.
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Turkish Minister Proposes National Cryptocurrency

The deputy seat of Turkey’s Nationalist Movement Party (MHP), Ahmet Kenan Tanrikulu, has composed a 22-page report seeking to highlight the regulatory vacuum which presently exists in Turkey pertaining to cryptocurrencies. The report makes a number of policy guidelines to the evolution of a framework for all currencies, including advocating which Turkey develop a cryptocurrency.
Mehmet Simsek, Turkey’s Deputy Prime Minister, also indicated that the country could be making preparations to a cryptocurrency’s evolution. In an interview with CNN earlier this month, Mr. Simske said “We intend to start our work on digital currencies. We put high importance on digitalization.”

Minister Advocates Development of National Currency “Turkcoin”


Turkish Minister Proposes National CryptocurrencyMr. Tanrikulu creates a number of policy guidelines aimed at strengthening both the competitiveness of Turkey’s spread ledger technology industry and the government’s regulatory capabilities regarding cryptocurrencies. “We will need to create the infrastructure to your blockchain database. There are nearly 1,400 digital currencies in the world today and many countries are using them […] Opposing these currencies is unworthy. That is a national issue which demands a national consensus,” Mr. Tanrikulu said.

What is your answer to the increasing number of authorities seeking to develop national cryptocurrencies? Share your ideas in the comments section below!
Recently, the Turkish government has struck a dismissive describing such as much as a Ponzi scheme regarding cryptocurrencies against looking for exposure and warning investors. Mr. Tanrikulu is worried that Turkey is failing to adopt the revolutionary technologies, telling media outlet Al-Monitor which “The world is advancing toward a new digital system. Turkey should produce its own digital system and currency before it is too late”