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Turkey Central Bank Considers Developing National Cryptocurrency “Turkcoin”

By Tracy Hannes | July 14, 2019

Central Bank of the Republic of Turkey (TCMB) is going to put digital currencies under its supervision within 5 years. 

Specifically, the news came after the Eleventh Development Plan that was submitted to parliament on July 8. Unveiled by the Turkey vice-president Fuat Oktay, the plan covered multiple points relating to blockchain and cryptocurrency, in which mentioned cryptocurrency governance under the umbrella of TCMB. The plan is expected to run in 5 years from 2019 to 2023.

Per the report of the local news outlet Anadolu Agency, the plan listed out specific goals aiming at developing the economy. Blockchain technology and cryptocurrency were also emphasized in the plan since these items are expected to make a significant impact on various industries.

Furthermore, the document noted out that Turkey, following movements of China, may create a national digital asset called Turkcoin. The idea was proposed by lawmaker Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the country’s former Industry Minister. 

The government is also making efforts in utilizing blockchain technology for “transport and customs” purposes, according to the document.

We have seen different blockchain and cryptocurrency movements inside Turkey so far. Earlier, a new blockchain center within the Boston’s Northeastern University campus, has been inaugurated by the Turkish Bahçeşehir University. The center utilized the funds, received from the U.S, the E.U and the Turkish government, to further reinforce Turkey’ stance in the blockchain market, as well as to attract experts easier.

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