Turkey is also planning a state cryptocurrency "Turkcoin"

Turkey is also planning a state cryptocurrency "Turkcoin"

As announced yesterday, Turkey is also planning a state cryptocurrency. Ahmet Kenan Tanrikulu, Deputy Chairman of the Nationalist Movement Party (MHP), has published the proposal for a Turkcoin.

The proposal provides for a state cryptocurrency in the form of "asset-backed security", which is secured by state assets in the form of company shares.

According to a report by the Al-Monitor news agency, Ahmet Kenan Tanrikulu, vice chairman of the Nationalist Movement Party; wrote a report to propose a state-sponsored cryptocurrency called Turkcoin.

In the current composition of the Turkish parliament, the MHP is only the fourth largest party in Turkey. However, during the constitutional referendum last year, the MHP entered into an informal coalition with the AKP to recruit President Recep Tayyip Erdoğan.

So far, Turkey has taken a rather unfriendly attitude towards cryptocurrencies. The "typical" arguments that cryptocurrencies are a pyramidal system, have no intrinsic value, and encourage illegal activity were the main arguments.