Turkey and Iran Considering National Cryptocurrencies

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Just a few days after the launch of the Venezuelan cryptocurrency Petro, Turkey and Iran are showing signs of interest in creating their own national cryptocurrencies.

Venezuelan president Nicolás Maduro claimed that the launching of the Petro was a complete success as it raised $735 million on its first pre-sale day. The success of the launch has apparently sparked the interest of other countries enough to consider creating their own.

Turkey and its Turkcoin

It was reported yesterday that the deputy chair of the Nationalist Movement Party (MHP) in Turkey, Ahmet Kenan Tanrikulu, expressed his interest in a state-backed cryptocurrency. He drafted a report to propose the creation of “Turkcoin.”

The country wasn’t too keen on Bitcoin last year as government officials related it to a pyramid scheme. Turkish citizens were even warned against it. The MPH, however, took a more optimistic approach and said that cryptocurrencies just needed proper regulation. They recognized the potential and the opportunities that could be brought by blockchain technology. “The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late” Tanrikulu told Middle Eastern news source Al-Monitor yesterday.

Turkcoin Value

The Turkcoin is to be backed by large public assets like the National Lottery, Turk Telekom and Turkish Airlines. It may not become as high-yielding as Bitcoin but it is a lower risk investment that may potentially attract many aspiring investors.

Iran’s Version of Bitcoin

As with the Turkish government, the Iranian central bank also warned against the use of cryptocurrencies as the high volatility of the market could cause potential losses for the Iranian investors. They have also expressed the need for regulations and control.

Like Venezuela, Iran is also a country whose financial and economic growth is hindered by US sanctions. In November, the country has announced its plan to use Bitcoin as a means to get around global sanctions. Now it seems that they have decided to take it a step further. They won’t be using Bitcoin—they’ll be making their own!

On February 21, 2018, Iran’s Information and Communications Technology (ICT) minister Mohammad-Javad Azari Jahromi announced that they will be working in collaboration with the Post Bank of Iran in developing the country’s first digital currency.

Jahromi’s Tweet rough translation via Google Translate

“In a meeting with the board of directors of the Post Bank on digital currency-based blockchains, it set out the necessary measures for the pilot implementation of the country’s first digital currency, using the capacity of the country’s elite. A pilot model for review and approval will be presented to the banking system of the country.”

Other details of the country’s digital currency are not yet known.

What about Other Countries?

Since last year, countries like China and Japan have been toying with the idea of their own government-backed coins. Venezuela has beat them to the punch but that doesn’t mean we won’t be seeing these big countries and their digital currencies anytime soon.

What is clear, though, is that the world is slowly progressing to a new digital age. Sooner or later, every country will have its own digital currency. Blockchain technology will lead to new innovations that could change the world.

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What do you think about these new cryptocurrencies? Do you see yourself investing anytime soon? Comment down below! And keep checking our Facebook Page at facebook.com/CryptoClubPH for more news on digital currencies.

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