Now that Venezuela has launched its petro cryptocurrency, it seems that other nations are eager to explore the idea as well. According to media outlet Al-Monitor, a new report from the deputy chair of Turkey’s Nationalist Movement Party (MHP) calls for the creation of a Turkish national digital currency that would be called the Turkcoin.
MHP deputy chair Ahmet Kenan Tanrikulu has suggested that his nation needs to adopt the new technology to avoid being left behind on the technology innovation front. “The world is advancing toward a new digital system,” he said. “Turkey should create its own digital system and currency before it’s too late.”
“We 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.”
Late last year, the Directorate on Religious Affairs in Turkey declared digital currencies like Bitcoin incompatible with Islam. At the same time, the nation’s central bank was applauding cryptocurrency’s potential for providing greater financial stability. Tanrikulu’s proposal suggests that the nation’s political leadership remains open to that more secular view.
In addition to creating a Turkish digital currency, the report advocates for sensible regulation and the creation of a cryptocurrency stock exchange that would be controlled by the government.