Turkey could in future issue its own national crypto currency, the Turkcoin. The government supporting party MHP published a corresponding proposal last week. The party is thus giving shape to the visions of the Turkish government. Only last week deputy prime minister Mehmet had spoken Şimşek of the possible publication of its own crypto currency. Iran also wants to follow suit after a successful petro-launch. Voices from the Iranian Cabinet give an idea of the central bank’s plans.
Tanrikulu describes his crypto trader plans
Petroleum is drawing its circles: While the official launch of the oil currency in the first few days is said to have flushed 735 million US dollars into Venezuela’s coffers, this inspires the imagination of some crypto trader states.
The fact that the Petro in Turkey could soon be followed by the Turkcoin is now clear from a bill proposed by the right-wing conservative splinter party MHP. As the news platform Al-Monitor reports, former industry minister Ahmed Kenan Tanrikulu and deputy leader of the party Ahmed Kenan Tanrikulu last week proposed in a paper the publication of the state crypto currency.
“We too can create a digital currency. Because such a demand exists, we should do so and issue our own digital currency. Resisting such currencies makes no sense. This is a national matter that also needs national consensus”,
Turkcoin: Zeitgeist or political calculation?
Similar to Venezuela’s Petro, which is held by the state’s oil reserves, Turkcoin’s foundation is to be the country’s economic strength. The crypto currency is to be held by the National Prosperity Fund. The shares of the global corporations Turkish Airlines, Turk Telekom and the Istanbul Stock Exchange would then secure it.
Tanrikulu warns Al-Monitor that the main thing is to follow the spirit of the times and not miss out on the opportunities offered by blockchain technologies:
“The world is changing into a new digital system. Turkey should create its own digital environment and its own digital currency before it’s too late”.
While the Turkish government has been taking a critical stance towards crypto currencies for quite some time now, the AKP-supporting MHP seems not only to want to use the international drive of these days with its push, but is also proving its strategic calculation in domestic politics.
On the one hand, the Turkcoins’ proposal pursues a central concern of the Turkish government, namely to steer the boom in the crypto-currency mist into state-controlled channels. Thus the Turkcoin is to meet the prevailing legal vacuum as well as money laundering and tax evasion potentials of crypto currencies. The Ministry of Finance and the capital market authority of the country have been working on a corresponding legislative proposal for some time.
At the same time, the MHP is anticipating further government plans: just last week, Deputy Prime Minister Mehmet, who is responsible for the economy, told CNN Türk that they were preparing a national crypto currency. So far, however, there have been no more concrete proposals from the AKP.
Now one seems to want to catch two birds with one stone, as the right-wing conservative splinter party is currently looking for political success. It is an official supporter of the Erdogan government AKP and supported the controversial constitutional referendum in 2016. The referendum is to introduce the presidential system in Turkey with the 2019 elections. Nevertheless, the party is currently not involved in the country’s government and is torn apart by internal party disputes.
Iranian central bank considers ICO
As Coindesk reports, Iran, along with Turkey, last week heralded the launch of its own state-controlled crypto currency. MJ Azarri Jahromi, Minister for Information and Communication Technology of the country, announced the launch on Twitter on Wednesday.
The tweet states that they are planning to issue the “first cloud-based digital currency”. He had previously met with representatives of the Iranian central bank.
Following the launch of Petro last week, Venezuela also held its first talks with the Russian government. According to Coindesk, the topic was allegedly financial cooperation between the two countries. For its part, Russia last year announced the release of the crypto-ruble controlled by the Kremlin. The Venezuelan experiences may therefore have met with interested ears of the Russian financial circles. Here, too, people have been looking for answers for quite some time.