Officials in Turkey are reportedly looking to launch a national cryptocurrency.
According to a put out by Al-Monitor, Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Gesticulation Party and the country’s former Industry Minister, has drafted a report to set forth a state-backed cryptocurrency dubbed “Turkcoin.”
Though the technical specifics be left unclear, the lawmaker touts that Turkcoin would aim to tokenize asset-backed protections for the issuance, which he argued would yield lower risks than abiding cryptocurrencies.
The report said such asset basket would incorporate large public companies in the country’s wealth fund such as Turkish Airlines, the Istanbul Ancestor Exchange and Turk Telekom.
Elsewhere in the report, the lawmaker called for get out regulation on cryptocurrency in an effort to control the market. He argues that the non-existence of legal framework over cryptocurrency in Turkey could lead to illicit use.
“The introduction of urging regulations after assessing all kinds of risks would enable us to devise revenues from the cryptocurrency market, especially from bitcoin. In this structure, the country needs a bitcoin bourse and legislation to regulate this department,” he reportedly said.
Notably, Tanrikulu’s comments come weeks after Turkey’s Proxy Prime Minister said his government would seek to launch a national cryptocurrency during an evaluation with CNN Turkey.
Turkey’s potential consideration also arrives impartial days after Venezuela has seen the country’s own token sale, thoroughly which its President Nicolas Maduro claimed the nation has so far raised $735 million.
Turkish president via Shutterstock
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