Turkcoin: Turkish Politician Calls For National Cryptocurrency “Before It’s Too Late”

  • A Turkish lawmaker recently argued for the creation of a national cryptocurrency "before it's too late"
  • The token, dubbed 'Turkcoin' would be backed by the country's wealth fund.
  • The lawmaker sees it as a way to generate revenue for the country

Ahmet Kenan Tanrikulu, a Turkish lawmaker affiliated with a political party partnering with the country’s ruling party, recently argued for a national cryptocurrency named ‘Turkcoin’, reasoning that the world is “advancing toward a new digital system,” and that Turkey should create its own cryptocurrency and digital system “before it’s too late.”

Tanrikulu, Turkey’s former industry minister and deputy chair of the Nationalist  Movement Party (MHP), according to local news outlet Al Monitor, drafted a 22-page report calling for the government-controlled cryptocurrency.

Details on the report are scarce, as it wasn’t yet released to the public. It reveals that Turkey’s national cryptocurrency, the Turkcoin, would resemble asset-backed securities from Turkey’s Wealth Fund. By using large public assets such as Turkish Airlines, the Istanbul Stock Exchange, and the Ziraat bank, among others, the politician argued the cryptocurrency would have a type of “insurance policy” and would appreciate along with the country’s wealth fund.

Moreover, being backed by these assets would ensure the cryptocurrency isn’t extremely volatile, or too risky of an investment. This would make Turkcoin a low-risk investment with higher returns than sovereign bonds, which would make the cryptocurrency attractive to investors.

The report has an overview of the current cryptocurrency industry in the country, in Turkey, trading and mining cryptocurrencies isn’t illegal, Tanrikulu noted. Yet, the lawmaker called for regulations as “many enterprises accept payments in cryptocurrencies and the number of customers using those currencies is rapidly increasing.”

The report reads:

“The introduction of encouraging regulations after assessing all kinds of risks would enable us to generate revenues from the cryptocurrency market, especially from bitcoin. In this context, the country needs a bitcoin bourse and legislation to regulate this realm.”

Ahmet Kenan Tanrikulu

Tanrikulu’s report is notable, as not long ago Turkey’s ruling party likened cryptocurrencies to pyramid schemes. The country’s religious leader declared bitcoin “un-Islamic,” although the Turkish Penal Code doesn’t prohibit citizens from using the cryptocurrency.

Turkey isn’t the only country looking to get in on the cryptocurrency space. Iran, as reported, recently rejected bitcoin and other cryptocurrencies, while revealing it may soon issue its own cryptocurrency. Venezuela, a country facing one of the deepest recessions ever, also launched an oil-backed token dubbed the “Petro.”

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com