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Turkish Politician Propositions Creation of National Cryptocurrency

According to reports from Middle Eastern news source Al-Monitor, Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and also former Industry Minister has drafted a report to put forward a plan for a state-backed cryptocurrency to be called “Turkcoin.”
Although the technicalities remain vague, the lawmaker flaunts that Turkcoin’s goal would be to “tokenize” asset-backed securities. He pointed out that this would yield lower risks than existing cryptocurrencies. The report said that such asset basket would be comprised of big public companies in the country’s wealth fund such as Turkish Airlines, the Istanbul Stock Exchange, and the likes. The policymaker also petitioned for a clearer regulation on cryptocurrency as a measure to govern the market. Furthermore, the absence of legal structure over cryptocurrency may stay outside the control of the law.
Weeks after the country’s Deputy Prime Minister announced that his government would launch a national cryptocurrency, Tanrikulu commented: “The introduction of encouraging regulations after assessing all kinds of risks would enable us to generate revenues from the cryptocurrency market, especially from bitcoin. In this context, the country needs a bitcoin course and legislation to regulate this realm.”
It can be noted that Turkey’s consideration of its own cryptocurrency has been publicized days after Venezuela has seen their own token sale, through which President Nicolas Maduro claimed the country has obtained 735 million USD on the first day of its pre-sale.

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