Turkey also joined the countries included in the Crypto money eco-system. According to the 11th Development Plan, the Central Bank of the Republic of Turkey is preparing to issue crypto money.
The inclusion of crypto currencies in the 11th Development Plan covering the period of 2019-2023 was welcomed in the sector. The plan aims to create a financial sector with a strong institutional structure that supports Istanbul’s goal of becoming an attractive global financial center. Therefore, the effectiveness of financial actors in financing the real sector will be increased and the sector will be encouraged to use funds from the capital market and non-bank financial institutions under the supervision of the Banking Regulation and Supervision Agency (BRSA).
The issuance limit of the Mortgage Financing Institution (IFC) is made independent of its capital and discounts are made on transaction costs such as the CMB board fee and Central Registry Agency Joint Stock Company to reduce the issuance costs of the IFC. Securities to be issued by the IFC will be subject to transactions such as repo to provide liquidity.
Blockchain based central bank crypto currency is coming!
The securitization of assets in the Bank’s balance sheets will be encouraged. SME asset leasing company will be established and lease certificate will be issued and support for export costs will be provided. As an important move, Blockchain-based central bank crypto money will be implemented. Fintech ecosystem of the road map to be created for the development and coordination of implementation in Turkey will be provided by a single public agency.
In order to develop alternative money and payment systems that will be accepted in the international trade system, country cooperations will be established and works will be continued. Examining the structure of the European Payment System in Turkey will also be used in barter trade provided the opening to the use of a similar structure. Collaborations will be established in order to create a global reserve money alternative and the central banks of the said country will conduct joint activities. Trade opportunities in local currencies will be increased through bilateral agreements.