First it was Petro and now it's Turkoin. There are rumours that Iran is also proposing to launch its own Crypto Currency. Is the "axis of evil" building a bunch of crypto currencies to defeat American hegemony or overcome sanction woes?
Whatever the motive behind these undercurrents, the fact of the matter is, the world is changing in a major way and the old order will collapse in the coming decades. Crypto currency is about decentralising control over finances and this will shake up Wall Street and other important financial markets sooner or later.
Venezuela yesterday has gone to the extent of ordering its state departments to accept all crypto currencies for services and trade. This is a major strategy by a country that's isolated by American policies to attract crypto tourists and also to form alliances that will help the country trade freely without worrying about American sanctions or foreign policy bullying.
Turkey’s deputy chair of the Nationalist Movement Party (MHP), Ahmet Kenan Tanrikulu, has reportedly drafted a ‘report’ calling for the issuance of a state-controlled cryptocurrency. A “national bitcoin”, the Al Monitor reports, called “Turkcoin.”
The politician said missing out on decentralised blockchain technology would mean a grave error on the government’s part, stating:
“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”
So what are we waiting for in Australia? According to me, a country like Australia will play it safe and encourage entrepreneurship in the blockchain sector instead of attempting to launch a state backed crypto currency. This is how most liberal democracies would possibly handle the emergence of Crypto Currency.