Government Opinion

Finance Minister of Turkey Embraces ICO Hype for economical issues

Embracing the power of cryptocurrency to economic stability 

The Minister of Finance Berat Albayrak proposed a thorough research of the ICO markets as a way of boosting the Turkish Economy. There has not been much of the Turkish economy in support of cryptocurrency products or services. But the Lira has been in the news as of lately because of its dramatic decline in value over the past few weeks.

 

 A longtime state media in Turkey that goes by the name Anadolu Agency has been able to detail the Treasury and Finance Ministers new Economic program plan, which was published earlier this week. The Financial Minister Berat thinks that the economy will grow to more than 3.8% by the end of this year. Albayrak noted that the public Finance Transformation and change office has made an establishment that falls under a new Economic program.  The minister is ready to use all the necessary policy requirements in order to over economic challenges that will arise in the coming years. The country is expecting a stable process for the year 2020, which is why the new economic program is focused on a 2.3% growth in the economy in 2019. The prognostications are from different sources that were predicted a few years back. There was a diplomatic battle between President Tayyip Erdogan together with his US counterpart Donald Trump over the destiny of an American religious leader. During this period was when the Lira started it devaluation declining in the double-digits which caused high inflation to commence.    

Berat Albayrak also added that :

Our major intention is to support a stablizatrion process with discipline in the public finance. You will see the most concrete example of this in the investment projects that we will support.” 

Furthermore, the Turkish economy is set to target a 1.9% budget deficit to gross domestic products (GDP) ratios by the end of this year and a 1.7% increase by 2021. This was according to the new economic Medium Term Program (MTP) said Anadolu Agency. 

The Financial minister taking the ICO hype seriously 

Turkey is waiting for some good economic news to come forward, and some bold news plans from the economic leaders of the country. From a crypto website in the Turkish language with Ali Emre Konakci of Koin Bulteni reported to the Financial Minister after the outline of his formal recovery program for the economy. This emphasized the ICO’s (Initial Coin Offerings) as a pathway to a better economic innovation. However, this has still not been found on any English based language news report, which is something to be looked at. Crypto media in Turkey are constantly on the lookout for new developments like the New Economic Program 34 page economic recovery document, which includes ICO’s that are related to cryptocurrencies. Konakci finds this to be a tremendous impact. As in order for governments to engage in the cryptocurrency and ICO markets they either have to be thinking futuristically or through desperate measures, that needs to be taken through analysis.

Through a translated section of the Document that reads “Modern and new generation finance methods such as ICO’s and IPCO’s alternatives will be expanded by promoting digital transformation and financing innovative projects.” The document does not elaborate much further on the topic. Many countries have been noticing the economic potential of ICO’s as there is no or low barriers to entry on most ICO’s. This also comes with the fact that KYC and or AML is not a requirement to start an ICO, which can make investors throw a lot of money around. Unfortunately, this also exposes the investors to scams and fraudulent activities in some Initial Coin Offerings. Currently, the Venezuela government is one of the few that is fully invested in the creation of the countries own cryptocurrency called the Petro. 

What do you think of these developments in the crypto space? Please feel free to leave a comment down below.    

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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