Turkish Minister to Consider Blockchain to Avert “Political Interventions”

Turkish Minister To Consider Blockchain To Avert “Political Interventions”

During the G20 Digital Economy Ministerial Meeting held in Argentina, Turkish Technology and Industry Minister, Mustafa Varank supposedly discussed the possible use of digital assets. In particular, he was quoted by TrustNodes stating the following:

“With the tools of the digital economy, we can find ways to implement a payment and exchange system free from political interventions. This way, we can also break the privilege of some currencies.”

Since this statement, the Turkish currency, Lira has been seeing a downward trend. The prospect of looking into digital assets might arise from the fact that the U.S dollar is a major influencer within traditional markets and given that it sees falling trends, other countries need to be alert.

While Varank did not explicitly say “blockchain” or “digital assets”, but his choice of words when referring to “the new industrial and financial revolution,” has had many assume that that’s what the Industry Minister meant. Others have noted Varank’s search for a “barter system” as being equivalent to blockchain’s decentralized, peer-to-peer network.

Varank’s support for blockchain technology is not shocking, as he previously supported its potential in transforming the tech and several other industries altogether. While blockchain technology has its perks and can be considered a viable solution, as per TrustNodes report, other solutions exist as well. In particular, a DAI-based tokenization system or assets in the form of “bond tokens backed by taxes as income,” would be ideal.

To read the full argument, check out: https://www.trustnodes.com/2018/08/27/turkish-minister-hints-utilizing-blockchain-tech-apolitical-money

Regardless, do you think Turkey will be the next country to embrace blockchain technology, better yet consider a national cryptocurrency, similar to that of Venezuela’s Petro?

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