Turkey, Iran To Release State-Backed Cryptocurrencies On Heels Of Venezuela’s Petro

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Following close in the heels of Venezuela launching their own Petro coin are the governments of Iran and Turkey.

This was divulged by no less than Iran’s Ministry of Information and Communications Technology (ICT) tweet referring to current plans for releasing the country’s own cryptocurrency being worked on with the local Post Bank. According to the reports, a meeting was set up with the bank directors focusing on blockchain-based digital currencies.

Turkey, on the other hand, is said to be coming out with a “national Bitcoin” to be known as “Turkcoin”. Just last November 2017, however, the Turkish government was known to have taken a harsh stance against Bitcoin and cryptocurrencies in general, supposedly because its speculative nature was incompatible with Islam. However, there is technically no mention of cryptocurrencies in Turkish law, and buying and selling is actually legal in the country.

“The use of cryptocurrencies can be considered legael since our law contains no prohibition […] buying and selling with cryptocurrencies and creating money through Bitcoin mining are not within the scope of criminal activity in Turkey today.”

Though this may be the case, however, this does not preclude e the need for crypto regulation, specifically to protect against fraud and laundering. A “bitcoin bourse” should be one way to address this. Apart from Venezuela, and now Turkey and Iran, other nations said to be planning on launching their own cryptocurrencies include Estonia, Japan, and Kazakhstan.

 

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