Bitcoin, Crypto currency, Blockchain

Also, Turkey plans state Cryptocurrency “Turkcoin”

08139a36e0e7e08b5b931339e8e737b4 - Also, Turkey plans state Cryptocurrency "Turkcoin"

As yesterday it became known, should also plan for the Turkey a national crypto-currency. Ahmet Kenan Tanrıkulu, Deputy Chairman of the Nationalist Movement Party (MHP), has published the proposal for a Turkcoin. The proposal provides for a national crypto-currency in the Form of an “asset-backed security” that is backed by state assets in the Form of company shares.

According to a report by the news Agency Al-Monitor, Ahmet Kenan Tanrıkulu, Deputy Chairman of the Nationalist movement party has authored; a report to a state-supported crypto propose a currency called “Turkcoin”.

The MHP is in the current composition of the Turkish Parliament, only the fourth-largest party in Turkey. In the Wake of the constitutional referendum last year, the MHP but an informal coalition with the AKP, the President of Turkey Recep Tayyip Erdoğan.

So far, the Turkey took to crypto-currencies, a rather unfriendly attitude. The “typical” arguments that crypto-currencies are a Ponzi scheme, no intrinsic value, and promote illegal activities, were the main arguments.

Tanrıkulu of the MHP argues, however, that Turkey should enact laws to regulate the market and to control, in order to generate revenue for the state:

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 bourse and legislation to regulate this realm.

He further argued that Turkey should create its own crypto currency, before it is too late:

The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.

According to the report by Al-Monitor, the Turkish Ministry of Finance and the capital market Committee have already begun the work on legal regulations. The report says that the “Turkcoin” according to the proposal, the MHP is a kind of asset-backed securities (Asset-backed security), i.e. a government bond, for the payment of the claims of a creditor secured by receivables.

In contrast to Venezuela but no Oil or Gold to backup the claims, but uses a “Wealth Fund” will be established. In this state, could serve as assets in the Form of shares of the company, including Turkish Airlines, the Istanbul Stock Exchange, Botas, Turk Telekom, Ziraat Bank and the national lottery as a safety. The crypto-currency would be in total at least as much value as the assets in the Wealth Fund.

Already in an Interview from the 7. February, the Deputy Prime Minister and member of the government party, the AKP, Mehmet Simsek, a hint that the government might make preparations for a national crypto-currency (“intends to do unique cryptocurrency work”). In this respect, the creation of a state-owned crypto-currency in Turkey, from our point of view seems not at all unlikely.

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