Turkey might just become the latest nation to have a national cryptocurrency.
According to the local news sources, Ahmet Kenan Tanrikulu created a draft for proposing a cryptocurrency backed by the state, called "Turkcoin".
From what we could gather, the new coin would be backed by physical assets and promise lower risks compared to current cryptocurrencies. The assets would reportedly come from the public-sector giants of Turkey, like Turk Telekom.
However, the technology on which Turkcoin would be based on is still unclear. In fact, it is not clear if even the white papers of the cryptocurrency are ready. Tanrikulu, who was Turkey's former Industry Minister and currently the deputy chairperson of Nationalist Movement Party, said that the world is moving towards a new digital system and Turkey must keep pace with the rest. With this, Turkey became one of the few nations of the world that are adopting cryptocurrency and related technology on a mass scale. It achieved this when big nations like USA or India are still doubtful about whether or not cryptocurrencies should be legalized.
However, the proposal met some friction when a lawmaker asked for clearer regulations as far as cryptocurrencies are considered. The unnamed person argued that the lack of clear regulations regarding cryptocurrencies in Turkey can lead to illicit uses. He further clarified that unambiguous regulations are actually a positive thing, as it would encourage more people to adapt to bitcoin and other altcoins without having any doubts or fear.
It is worth noting that the news of Turkcoin came just a few days after Venezuela launched its own national cryptocurrency, Petro through the ICOs. Within few days, the biggest ever ICO sale has generated almost $375 million. However, it is unlikely that the two nations are in any sort of competition, as the Deputy Prime Minister of Turkey had announced the upcoming cryptocurrency weeks ago.
In any case, adoption of cryptocurrencies as national legal tenders is only going to legitimize the claim that cryptocurrency is not a sham but a technology of the future.