Turkey begins its steps to break into the “digital” with a new cryptocurrency

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Turkey has finally begun its practical steps to launch digital currency official based in its value on Turkish liraTwo weeks ago, the Central Bank announced the “Digital Turkish Lira Cooperation Platform” project. The Turkish steps come after a massive fraud worth more than two billion dollars, which was implicated by an exchange platform Cryptocurrencies Turkish Thodex, with more than 400 thousand subscribers. Al-Araby Al-Jadeed surveyed the opinions of experts and analysts about Turkey’s entry into the digital currency market and its impact on the Turkish economy and lira.

According to sources in the Turkish Central Bank, the bank is preparing to launch the digital lira, which allows investors to deal in digital currencies according to legal and technical rules and controls. These steps are accompanied by the launch of a research platform by the Turkish authorities to develop the local digital currency, and the start of preparing a draft law to regulate the cryptocurrency markets, with a market value of about 1.88 trillion dollars around the world.

About two weeks ago, the Central Bank of Turkey announced the signing of memoranda of understanding with three local research and technology companies that will form a “digital Turkish lira cooperation platform.” The group of participants is expected to expand as the project progresses.

The list of companies signed by the Turkish Central Bank included Aselsan, a major defense company, Hevelsan, a software and systems development company working in the defense and information technology sectors, and the TUBITAK Informatics Center and Information Security. The project participants will assist the Central Bank of Turkey in developing and testing a prototype of the digital lira network.

It seems that the steps that the Turkish authorities are working on regulating the digital currency market have restored hope to thousands of Turks who want to invest in these currencies, but with fewer controls and risks.

In a special tour by Al-Araby Al-Jadeed on digital currency trading and dealing companies in Istanbul, Hanadi Abdullah, founder and director of a digital currency trading company, said that the government had already announced the intention to launch a digital currency governed by regulations. central bank.

According to Abdullah, this matter will be very beneficial for the Turkish state in the future if the government and the central bank accomplish it in a proper manner, that is, according to controls for buying and selling operations and volatility margins, which prevents the collapse of this currency. It is also useful for dealers wishing to invest in cryptocurrencies such as Bitcoin and others.

In this context, Tariq Al-Maradini, a financial analyst in one of the trading companies in Istanbul, said that there is a The negatives of the digital currency at the present time, including the lack of controls for it because it is not subject to the known supply and demand mechanism or any type of analysis. He added that digital currencies, if there are controls, will help their spread more widely.

He believes that the digital currency that Turkey seeks to adopt will greatly help the lira, because the revenues in total will go to the central bank and thus support its foreign currency reserves.

Nader Al-Qasas, an investor in digital currencies, said that investing in digital currencies in Turkey began about a year and a half ago, knowing that trading depends on two points: rumors and news, in addition to, of course, the demand for and supply of this currency.

The head of the Turkish Informatics Association, Rahmi Aktaba, had announced a few months ago that experts from the Central Bank and the Turkish Scientific and Technological Research Authority TUBITAK are working to launch an official digital currency, whose value is based on the Turkish lira.

Otobah stated that over the past months, a significant increase in investments in this field has been observed by conducting financial operations using digital currencies, especially “Bitcoin” and “Ethereum”.

He pointed out that this increase coincides with the rapid digital transformations the world is witnessing, which increases the interest of investors in digital currencies. Otobah pointed out that there are more than 3,500 digital currencies that can be bought and sold on digital platforms that are not subject to government regulation, and these platforms are known as cryptocurrency exchanges.

He also pointed out that these stock exchanges do not have a central structure, stressing that all transactions related to this platform are carried out without intermediaries.





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