Turkey’s New Economic Policy Emphasises on Utilising Blockchain Technology

An economic road map that was revealed by the Turkish government, this week consists of several items related to blockchain, which includes a bid to create a central bank digital currency based on the technology. Regional reports say that the Eleventh Development Plan, which was published on the government’s official website, was submitted to the Turkish Parliament on July 8. It is meant for the period between 2019 and 2023, and its primary intention is to serve as a guiding point for improving Turkey’s economy.

The plan talks about a hoard of subjects but notably states that a “blockchain-based digital central bank money will be implemented,” according to a translation. It is in recent years that blockchain technology has gained worldwide recognition and is being used by many major economies to its true potential.

The document also indicates that the government will foster legal and technology infrastructure to utilise blockchain for “transport and customs” purposes. It was also mentioned that bockchain technology, artificial intelligence, and the Internet of Things will be used to enhance public services. In this latter case, it’s not clear at this time how blockchain will be utilised.

Few details of the proposed cryptocurrency are known, but the country has been entertaining the idea of a national digital asset, Turkcoin, since at least early 2018. According to reports at the time, the idea was pitched by lawmaker Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the country’s former Industry Minister.

The Financial Times, reported that Murat Erdogan, the Governor of the Central Bank of Turkey, who was recently fired by the president said this week that the central bank will provide a higher level of support to the economy.

Other elements of the Eleventh Development Plan, while not directly related to cryptocurrency and blockchain, could ultimately impact businesses working in those areas.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.