The lack of clear investor rights in Bitcoin (BTC) and other blockchain-based cryptocurrencies and the absence of aboveboard regulations to protect rights are concerning public authorities, and upon request, the Capital Markets Board of Turkey has taken action to review and regulate digital currencies and intermediaries.
Turkey plans on creating its own virtual currency and deploying blockchain into government systems. The government financial authority has included a central bank-issued cryptocurrency in its new 2019 –2023 strategic economic roadmap.
Even though the cryptocurrency market is a highly volatile field, Turkish investors prefer Bitcoin over the national currency, the lira. In autumn, trading volumes in Turkey alone rose by 37%, proving that Bitcoin’s popularity was not affected by the bear crypto market trend.
According to what is coming out of Washington, it seems like no deal has been struck between the Trump administration and the government of Turkey, led by President Tayyip Erdogan, continuing what is already a shaky financial situation.
Two influential Turkish political forces, the Justice and Development Party (AKP) and the Nationalist Movement Party (MHP), have recently come up with the idea to create the first blockchain-based Turkish digital currency, similar to Bitcoin or Litecoin, called Turkcoin.