Now, presumably after some more research and investigation, the MHP has suggested that rather than ignoring cryptocurrencies, the government should develop a legislative framework to monitor and regulate their crypto-market. Ahmet Kenan Tanrikulu, a prominent economist and MHP's former deputy chair, has recommended the launch of Turkcoin, a state-controlled "national bitcoin". Mr. Tanrikulu has not merely suggested such a move, but has also drafted a 22-page detailed report regarding the plan.
He then went on to explain that there are over 1,400 cryptocurrencies, and many other countries have already adopted them. Therefore, he thinks that Turkey should be capable of creating its own cryptocurrency as well. Moreover, the need for a state-controlled crypto is there, but that doesn't mean it will be competing with other digital currencies, according to Mr. Tanrikulu. Presumably, this means that Turkey's state-issued crypto will serve its own purpose. Per Tanrikulu, "This is a national issue which requires a national consensus”.
It's possible that Turkcoin could be pinned to the assets of certain large, public Turkish companies that are a part of the $200 billion Turkish Wealth Fund, based on Turkrkulu's report. These organization include the Istanbul Stock Exchange, Turk Telekom, and the Turkish Airlines.
Interestingly, Turkey's announcement has come right when its neighbor, Iran, has also expressed an interest in developing its own cryptocurrency. Although the specific reasons for creating their state-backed digital currencies might be different, they've joined a growing list of countries countries that are planning to launch their own cryptocurrencies.
