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An economic roadmap unveiled by the Turkish government this week includes several elements related to the blockchain, including an offer to create a digital currency at the central bank based on technology.
The eleventh development plan, posted on the government's official website, was submitted to the Turkish parliament on July 8, according to regional reports. It covers the period from 2019 to 2023 and its general objective is to serve as a basis for improving the Turkish economy.
This broad plan covers a wide range of topics, but indicates that a "block-based digital central bank currency will be implemented," according to a translation.
The document also states that the government will encourage the legal and technological infrastructure to use the blockchain for "transportation and customs" purposes. In addition, the blockchain is mentioned as one of many new approaches, including artificial intelligence and connected devices, also known as the Internet of Things, which will be used to improve the public services. In the latter case, the way the blockchain will be used is not yet clear.
Little is known about the proposed cryptocurrency, but the country has been keenly interested in the idea of a national digital badet, Turkcoin, since at least the beginning of 2018. According to reports of the time, this idea was introduced by legislator Ahmet Kenan Tanrikulu, MP. chairman of the party of the Turkish nationalist movement and former Minister of Industry of the country.
The news that the Turkish central bank will develop a blockchain-based currency comes days after Turkish President Recep Tayyip Erdogan fired his governor, Murat Cetinkaya. According to the Financial Times, Erdogan said this week that the central bank would provide increased support to the economy.
Other elements of the Eleventh Development Plan, while not directly related to cryptocurrency and blockchain, could ultimately impact businesses operating in these areas.
For example, the government plans to create a regulatory experimentation area, an badociation of payment services and electronic money institutions, as well as a financial and technological base in Istanbul. Turkish banks have long collaborated with cryptographic exchanges, although these institutions often impose strict rules on listing and integration.
Image Credit: sefayildirim / Shutterstock.com
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