Feb 24 2018

Senior MHP figure proposes Turkish version of "Bitcoin"

Speculation that Turkey might release a cryptocurrency, to be called “Turkcoin”,  has increased following a proposal made by Nationalist Movement Party (MHP) MP deputy chair Ahmet Kenan Tanrıkulu, reports specialized cryptocurrency site cryptovest

“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.” he said.

Turkey’s Finance Ministry and Capital Markets Board is reportedly working on regulations and rules for digital currencies in order to tax them. In November last year, the Turkish Central Bank issued a statement praising cryptocurrencies for their potential role in financial stability.

Buying, selling and use of cryptocurrencies is not illegal in Turkey, but the influential Directorate on Religious Affairs had previously expressed opposition to cryptocurrencies, declaring them incompatible with Islam and expressing concern that they could be used as a vessel for illegal activities. Turkish Deputy Prime Minister Mehmet Şimşek also warned the country’s citizens against investing in Bitcoin last December.

News of the proposed Turkish cryptocurrency come as investors scratch their heads over Venezuela’s newly released cryptocurrency and reports that Iran has a similar plan in the pipeline.