The proposal says the Turkcoin will be backed by large public assets. In the wake of Venezuela\u2019s \u201csuccessful\u201d token sale, a Turkish official now proposes following in their footsteps and creating a national cryptocurrency for Turkey, called \u201cTurkcoin.\u201d Middle East media site Al-Monitor says that Turkey\u2019s former industry minister and deputy chair of the Nationalist Movement Party (MHP), Ahmet Kenan Tanrikulu has submitted a 22-page proposal to create the \u201cnational bitcoin\u201d despite the government\u2019s hostile stance against cryptocurrencies. \u201cThe world is advancing toward a new digital system. Turkey should create its own digital system and currency before it\u2019s too late,\u201d Tanrikulu told Al-Monitor. According to his proposal, the Turkcoin will be backed by government-owned assets such as the Turkish Airlines, the Istanbul Stock Exchange, the gas company Botas, Turk Telekom, Ziraat Bank and the National Lottery. And while it cannot compare with BTC\u2019s price increases, it is far more stable and will not drop as much as other cryptocurrencies either. It\u2019s hard not to see it as anything but a bid to ride in on the cash flood brought by the cryptocurrency trade, even though the Turkcoin\u2019s asset backing may be more believable than the Venezuelan petro\u2019s. Venezuelan president Nicol\u00e1s Maduro says their national cryptocurrency petro has raised over $735 million within 24 hours, although without a third party to attest to the fact, some doubt the credibility of the figure\u2014the Venezuelan government\u2019s history of manipulating trade rates obviously hasn\u2019t gained them much trust from the public. In addition, there is no documentation showing the structure of the petro network, or how it can be tied to the price of oil\u2014to do this, one would assume a highly sophisticated system that is constantly connected and synced with the entire country\u2019s supply chain. To date, the petro\u2019s white paper is nowhere to be found. It\u2019s unsurprising that some do not believe it\u2019s even a currency and are dismissing it as a half-baked desperation move to make money. Venezuela\u2019s economy, after all, has been sinking deeper than ever. And opposition legislators say the president is merely issuing \u201coil-backed debt.\u201d That Maduro is in such a rush to launch another token sale for \u201cpetro gold\u201d before they can even properly launch the first one isn\u2019t comforting either.