Turkey’s Nationalist Movement Party (MHP), the de facto partner of the ruling Justice and Development Party (AKP) proposes launching national cryptocurrency, Al-Monitor reports.
Although Ministers in Turkey earlier likened cryptocurrencies to pyramid scheme and warned citizens to stay away, the MHP argues that instead of dismissing cryptocurrencies, Ankara should draw up legislation to regulate and control the market.
“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late,” MHP deputy chair and former Industry Minister Ahmet Kenan Tanrikulu told Al-Monitor.
Noting that cryptocurrencies are already used in Turkey, the politician deemed the need for regulation “obvious.” Also, he said the use of those currencies in illegal activities must be prevented.
Tanrikulu stressed the need to create the infrastructure for the blockchain database.
“There are nearly 1,400 digital currencies in the world today and many countries are using them. We, too, can create a digital currency, based on companies in the Wealth Fund. Since the demand exists, we should create and release our own digital currency. Opposing those currencies is meaningless. This is a national issue which requires a national consensus,” he said.
Ahmet Kenan Tanrikulu has drafted a 22-page report report to propose a state-backed cryptocurrency dubbed "Turkcoin."