A good number of large companies and even some countries are now viewing cryptocurrency as a tonic for the local economy. China is one the verge of launching a central bank-backed digital currency. Turkey is also leaning towards the same path as mainstream local media reported. The country is considering the concept of giving the central bank the responsibility to develop a cryptocurrency.

The Eleventh Development Plan submitted to the parliament on July 8 revealed the hot news. The economic roadmap crafted to cover the period between 2019 and 2023, has been published on the government’s official website. As the term implies, the project is intended to serve as a guide point to improve the national economy.

The technology behind cryptocurrency has a special place in the roadmap and there are several stems under the plan. One of those includes the establishment of crypto governance under the supervision of the Central Bank of the Republic of Turkey (TCMB). The weight of the project can be easily realized as it was disclosed by the vice president of Turkey, Fuat Oktay.

The roadmap comprises particular goals meant to boost the country’s economy and part of that is to put more emphasis on digital currency. The crypto movement is undoubtedly time-demanded since these two elements can bring about a lot of positive changes in a country’s economy.

Politicians want to take the chance

The project is not only about the oversight from the central bank but also about the development of a cryptocurrency that Turkey can use to create a position for itself in the crypto arena. The concept is similar to that of China which is on the verge of creating its crypto in an attempt to compete with Libra, the new crypto of Facebook.

According to CoinDesk report, some other aspects of the proposal include the Internet of Things- adoption of artificial intelligence and connected devices, and technological infrastructure. The overall objective of the plan is to strengthen Turkey’s economy by exploring the newer technologies that are trending in the developed countries.

The government clearly has a vision that can push the nation another step forward. The Turkish central bank is supposed to play an important role in reshaping the economy by formulating more flexible regulations for cryptocurrency. There is no official declaration regarding the name of the new token, but there is a buzz around the market that it could be called “Turkcoin”.

The political commitment over the plan seems to be quite positive because the idea originally came from Ahmet Kenan Tanrikulu, a member of the parliament, who is also the deputy chair of Turkey’s Nationalist Movement Party and the former Industry Minister of the country. During the bitcoin’s transient bullish trend in 2017, the Turkish government took a conservative stance towards the digital currencies.

President is also positive towards crypto

Turkey’s president, Recep Tayyip Erdogan, was quite disappointed with the central bank governor, Murat Cetinkaya, who was fired the day before the crypto news was published. The new governor will likely be more vigilant regarding the implementation of the new economic roadmap. Erdogan also revealed that the central bank will offer a greater degree of support to the country’s economy.

Elements of the Eleventh Development Plan that are not directly linked to blockchain technology are also believed to benefit the businesses involved with cryptocurrency. Some of those elements include plans to establish a Regulatory Experiment Area, the Istanbul Finance and Technology Base, and an Association of Payment Services and Electronic Money Institutions.

Adoption of new cryptocurrency will be easier for Turkish banks because these have a long-term association with crypto exchanges, despite being strict with listing and on-boarding policies.