The central bank termed digital currencies as risky because “they are neither subject to any regulation and supervision mechanisms nor a central regulatory authority.”
Minister for Industry and Technology Mustafa Varank says he has warmed up to digital currencies, which he described as “effective for world trade.”
The Turkish Ministry of Treasury and Finance tweeted that it was beginning work with a number of regulatory bodies to assess the risks posed by cryptocurrency, and to devise a government solution.
Turkey is set to begin trials of a new digital currency in 2021, after the country’s central bank announced it had been working on a digital lira.
The week witnessed a number of legal actions against blockchain and crypto criminals, led by the DoJ. IBM, Telefonica and Spain’s CaixaBank led the adoption of blockchain.
Turkey’s capital markets regulator intends on ramping up its efforts to create crypto regulation in 2020 in response to a spike in interest in cryptos.
The President of Iran has called on Muslim nations to develop a cryptocurrency that could help them avoid using the USD, reducing the U.S economic dominance.
China is advancing in blockchain adoption, the U.S. is moving towards regulation, Hong Kong and Turkey are moving closer to launching CBDCs
The blockchain-based digital lira is expected to be issued as part of the 2020 Annual Presidential Program, allowing residents to make instant payments using the digital currency.
The Turkish government plans to integrate blockchain technology into the country’s public administration.
A new economic road map has been unveiled by the Turkish government, that calls for greater development through blockchain innovation.