Turkey is seeking to launch an official digital currency "Turk Coin"

Turkey has come a long way in its efforts to issue a “national digital currency”, which aims to revitalize the economy of the country and to face the major complications faced recently.

According to Turkish official sources, the central bank will finish testing the lira-based cryptocurrency by the end of the next year 2020.

The Turkish economic entities aim to establish a system of immediate payment using digital lira, and the application of “Block Shin” systems in transport, management, and public services.

According to Turkish media, “Beit Turk” will enable Turkish citizens to conduct transactions immediately and provide a new set of decentralized financial instruments for the Turkish economy.

The Turkish Ministry of Finance has indicated that it intends to promote digital transfers, including encouraging initial offers of digital currencies as a means of supporting new projects.

According to readings by experts and researchers in the Turkish economy that the digital lira based on the official currency in the country is an important haven to deal with major economic problems such as inflation, unemployment, and recession

Bull market According to estimates, the number of dealers in the official digital currency in Turkey will reach about one hundred thousand dealers, while the Turks aim to attract capital from the countries of the Middle East and the Arabian Gulf to invest in them.

The financial markets are known as digital currency “Bitcoin” for the first time in 2009, the current market value of about 270 billion dollars with a daily trading level of more than fifty billion dollars.

Ozgur Gunri, executive director of the cryptocurrency trading group PTC Turk, said Bitcoin is a real opportunity for the Turkish economy as it is the fastest growing and attractive investment sector in the world.

He added that Turkey is not far from taking advantage of the cryptocurrency market, especially as it is one of the leading countries in the field of digital banking, such as Russia, Canada, China, and Switzerland, which began to reduce the reliance on currency trading in favor of cryptocurrencies.

Proposition is realistic In turn, the academic researcher in the banking and financial sciences Abdullah Harb that the introduction of digital currency for testing in Turkey is realistic, pointing out that the Turkish state has the technical, technical, administrative and infrastructure necessary for this, including the advanced financial and banking system and the structure of communications, the Internet and advanced technologies.

War for the island says that digital currencies can be classified as complementary currencies, which are not traditional currencies but used as a means of exchange.

He believes that one of the most important advantages of complementary currencies to contribute to reduce inflation and reduce the negatives resulting from debt and real exchanges, because of the expression of financial transactions carried out through them real economic activity.

He notes that e-currencies also contribute to facilitating exchanges and opening the door to financial services and trade in the digital world.

The researcher explains that Turkish society ranks among the most popular in the world to acquire cryptocurrencies and use them to save or trade, which makes it ready to accept the new currency and deal with it immediately.

Fears and challenges On the other hand, the war does not rule out that the new currency faces obstacles related to people’s confidence, in light of the crisis of the Turkish lira on which it is based.

He also believes that the new Turkish currency could be less attractive, given that it is issued by the Central Bank;

He says that cryptocurrencies have gained confidence and spread from being untraceable, hiding their owners and dealers, and not being issued by an official government body, which the new Turkish currency may lack.

Source: Aljazeera

comments powered by Disqus