Turkey Plans Blockchain Technology Adoption And Set Crypto

Turkey has the potential to adopt blockchain and crypto. (Photo; Doc. CryptoTimes)

JAKARTA The general election in Turkey is getting closer. In line with that, the Turkish political opposition group released its new doctrine on January 30, 2023. The doctrine covers 13 points to encourage the adoption of cryptocurrencies in the country.

The Nation Alliance focuses on integrating blockchain technology into public services and various bureaucratic processes. In addition, cryptocurrencies will be subject to tax rules.

A definite schedule for general elections has not been determined, but must take place on June 18, 2023. In this election, six major opposition parties will join forces to form the Nation Alliance and challenge the party currently in power since 2002.

Launching CryptoSlate, the doctrine states that the Alliance will use blockchain in areas requiring document validation, information storage, and privacy. The text mentions the job market, health sector, international trade, and city planning as the main areas to be integrated with blockchain.

The system for the job market will allow users to create job profiles and apply to positions or match them to existing positions. Other protocols will serve as document storage systems, where users can store IDs, health records, ownership certificates, diplomas, etc. Regarding city planning, the doctrine briefly mentions something similar to the land registration project in Columbia.

The Nation Alliance says it will launch two different protocols related to international trade and customs. One of them is a digital customs system that tracks all processes on blockchain by end-to-end. Others, called INTERSECT, will handle international trade operations to provide transparency and security.

The text also states that the Alliance will impose appropriate taxes on cryptocurrencies and publish a broad regulatory framework that clearly defines unclear terms and protects investors.

Turkey has shown an increasing trend in crypto adoption in recent years. Since the peak of Bitcoin prices in December 2017, Turkish society has become more open to the crypto world. However, skyrocketing inflation at the end of 2021 spurred further crypto adoption and made Turkey one of the most promising crypto markets.

Turkish lawmakers are also paying attention to this trend and are starting action to position their country as a major player in the crypto world. In 2022, the government will begin exploring the potential of the metaverse and take legal steps to regulate cryptocurrencies. In addition, Turkey is also conducting trial transactions to test their potential national digital currency (CBDC).

With the ever-increasing adoption of crypto and a proactive government in positioning their country as a major player in the crypto world, it is possible that Turkey will become one of the most important crypto markets in the future.