Turkey Picks Crypto Professor for Central Bank Board
Turkey’s government is taking another step towards blockchain acceptance. President Erdogan recently appointed a Marmara University lecturer as one of the board members at the Central Bank.
She has been a lecturer since 2012 and focuses on areas such as accounting, auditing, blockchain, and digital assets. Owing to her new appointment, she is set to head the monetary body of the Central Bank as a blockchain and cryptocurrency expert.
Turkey Central Bank Monetary Committee
As per a new Bloomberg article, the office of the President issued the official decree for her announcement. Her research work includes studies of blockchain and digital assets. She has also written a book regarding cryptocurrency accounting in 2022. She has joined as the newest board member of Turkey Central Bank monetary policy committee.
Her primary duty is to set a benchmark interest rate in order to control the rising inflation. The committee has already raised the interest points for the nation by 2.5 percentage points accounting for 42.5% as of 21st December.
Turkey to Set Up a Team of Economists and Crypto Experts to Address Inflation
President Erdogan set up a team of economic experts after declaring victory following the general elections of May. He also appointed Hafize Gaye Erkan, a former Goldman Sachs employee as governor of the nation’s Central Bank.
During the ongoing year, the Central Bank of Turkey successfully carried out a successful test of local CBDC namely Digital Turkish Lira. However, the current situation of the country has paved the way for a boost in cryptocurrency adoption.
A Chainalysis report noted that Turkey was ranked as the 4th around the globe in terms of cryptocurrency transaction volume. The report noted that around $170 billion worth of digital currencies were traded in the region between 2022 July and 2023 June. UK, USA, and India have been ranked as the 3 top nations in terms of the same metric.
At the same time, the Turkish authorities are also working on introducing new regulations with additional provisions such as licensing process and adding crypto trading profits to taxation bracket.
Turkey Regulators Unveil Regulatory Policies for Crypto Sector
In November, Turkey’s regulators share an aim to introduce new cryptocurrency regulations. The new policies were directed towards the licensing and taxation process with an aim to remove the nation from the Financial Action Task Force (FATF) gray list ranking.
A recent report published in Reuters quoted a statement on the regulatory changes from Bora Erdamar, director at Blockchain IST Center. The head of the blockchain research and development center noted that crypto regulations set priority to specific licensing standards to avoid systematic foul play.
He further added that regulators emphasize factors such as enhancements of digital securities, capital adequacy standardization, custodial services, and reserve audits. In October, Finance Minister Mehmet Simsek declared that Ankara, the capital city of Turkey is set to introduce a new legislator for digital currencies in accordance with FATF recommendations.
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