The deputy chair of the Nationalist Movement Party (MHP) of Turkey, named Ahmet Kenan Tanrikulu, has written a 22-page report, seeking to highlight the regulatory vacuum which presently exists in Turkey, about investing in cryptocurrencies.

The report also makes some policy recommendations for the development of a regulatory framework for virtual currencies, which include advocating that Turkey develop a national cryptocurrency.

MHP Chair Authors Cryptocurrency Report.

The MHP deputy chair, as well as former Industry Minister, Mr. Tanrikulu, has written a detailed report, seeking to encourage Turkish lawmakers to develop a regulatory apparatus for cryptocurrencies.

In recent history, the Turkish government has struck a dismissive regarding the cryptocurrencies, describing such as akin to a Ponzi scheme, as well as warning prospective investors against seeking exposure to the cryptocurrency trading and virtual currency markets.

Mr. Tanrikulu is concerned that Turkey is failing to embrace the revolutionary technology, telling the media outlet Al-Monitor that “The world is progressing toward a new digital system. Turkey should also create its digital system and currency before it is too late.”

The minister also asserted that the cryptocurrency adoption is growing among Turkish citizens, despite the current legal vacuum of the country regarding the virtual currencies. Mr. Tanrikulu said:

The need for regulation is very obvious. The use of those currencies in illegal activities has to be prevented.

The minister advocates the development of National Currency “Turkcoin.”

Mr. Tanrikulu makes some policy recommendations which are aimed at strengthening both the competitiveness of the disturbed ledger technology sector of Turkey and the regulatory capabilities of the government regarding cryptocurrencies. Mr. Tanrikulu said:

We have to create the infrastructure for the blockchain database. There are about 1,400 digital currencies in the world today, and a lot of countries are using them. It is meaningless to oppose those currencies. it is a national problem which requires a national agreement.

The minister has also advocated that Turkey develop a state-administered digital currency. Mr. Tanrikulu stated:

We can also create a digital currency, based on companies in the Wealth Fund. Since the demand exists, we have to create and release our digital currency.

The Deputy Prime Minister of Turkey, named Mehmet Simsek, has also recently indicated that the country might also be making some preparations for the development of national cryptocurrency. In one interview with CNN earlier this month, Mr. Simsek stated:

We plan to start our work on digital currencies. We also place high importance on digitalization.

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