Turkey Is Looking For A National Virtual Currency Launch

Turkey Currency

Turkey’s Nationalist Movement Party deputy chair and former industry minister, Ahmet Kenan Tanrikulu, has reportedly involved in drafting a proposal that would support national digital currency, coindesk.com reported. This would be known as “Turcoin”.

Significantly, the move comes amidst different countries issuing a warning to investors about trading on cryptocurrencies terming it as gambling.

This would not be a surprising news considering that only a week ago Turkey’s Deputy Prime Minister indicated that it would unveil a national digital currency in an interview to CNN.

Turkey’s planned token would be backed by assets though the country is yet to come out with its technical specifications. The objective of issuing asset-based securities is to ensure lower risks compared to the existing digital currencies.

The assets backed for virtual currencies included big public firms like Turkish Airlines, Turk Telekom and the Istanbul Stock Exchange. The former minister has reportedly told, “the world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”

The draft called for clear-cut regulation on the virtual currencies. This is to ensure the control over the market as any absence of legal framework would lead to unlawful use of the digital currencies in the country.

Turkey’s move also came in the midst of Venezuela’s Petro token sale. The country has claimed that it was able to raise $735 million until now.

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