Informatics professionals focused on the development of Turkey’s digital currency

Aktepe told Anadolu Agency (AA) that digital and crypto currencies have significant advantages over traditional currencies with the digital technologies and innovative structures they are based on.

Stating that these are also at the center of attention of investors, Aktepe said, “In the rapidly digitalizing world, especially in the process of combating the new type of coronavirus (Kovid-19) epidemic we live in, interest in digital currencies is increasing day by day. increases are observed. ” said.

Aktepe stated that the purchase and sale of more than 3,500 digital currencies can be carried out on non-regulated digital platforms, also known as digital money exchanges, and that these exchanges do not have a centralized structure.

Emphasizing that all transactions on this platform are carried out without intermediaries and under the control of the individual, Aktepe said, “There is no similar regulatory institution such as the Capital Markets Board, Banking Regulation and Supervision Agency as in the classical stock exchanges. there is no authority either. ” he spoke.

Aktepe stated that it is important to be able to make reliable digital money investments through digital money exchanges.

Aktepe, who advised people to turn to digital money exchanges, made the following assessment:

“It is important to have a basic level of technical infrastructure and digital literacy to determine which strategy among thousands of digital currencies traded in digital exchanges, technical skills, analysis and portfolio creation for the purpose of examining digital currency infrastructures. Citizens who do not know the digital money market, fake web They should be wary of social engineering attacks with the appearance of expert comment on social media, and phishing (via e-mail) attacks that look like fake digital money supply or include announcements of initial money offers. “

“There is no legislation on cryptocurrencies”

Aktepe pointed out that legislative work on cryptocurrencies is carried out in many countries, and said that there is no fully established legislation anywhere in the world.

Emphasizing that the legal status of crypto currencies is currently a matter of debate, Aktepe said, “Crypto coins are at the top of the debate whether they are a monetary value accepted as a means of payment or an asset tool. It seems that there is no physical basis and asset behind the value. Since digital assets are not based on real value, they are sold in markets that are not regulated, instead of normal money markets (stock markets). rapid and high changes in market values ​​can be observed. ” said.

Aktepe explained that a regulation on cryptocurrencies was prepared in April in Turkey, and that the 2020 Presidential Annual Program, published in the Official Gazette, included the Digital Money Project to develop an official digital currency with the work to be carried out by the Central Bank of the Republic of Turkey and TÜBİTAK.

Pointing out that the necessary work has been done within the scope of the project in question, Aktepe said:

“In the Digital Money Project, it will be beneficial to take the BIGA Project, which is a new generation transfer system based on the physical counterpart, which was developed by Takasbank as a successful application in our country. With the BIGA Project, in which one unit of BIGA is indexed to 1 gram, the physical provision is blocked. An infrastructure has been established where the registered gold, which has been registered and whose standards are specified, can be transferred using the record chain technology. Thanks to the record chain technology, a transfer can be made that is verified by all validating stakeholders but whose contents can only be monitored by the regulatory authority.

“There must be a physical asset behind digital money”

Aktepe stated that it is important for the development of the digital economy of the country to develop a digital currency based on Turkish lira currency, which has a physical asset behind it, can be sold in normal money markets, and is based on Turkish lira currency.

Stating that the project in question must have a physical asset behind it in order to achieve the desired purpose, Aktepe explained that it is important for banks to participate in digital money production on the condition that they keep a guarantee, and that the integration of digital money production into the record chain is important for the reconciliation between banks and regulatory agencies.

“Legislative studies and supervisory institutions are needed”

Aktepe stated that there is an urgent need to make necessary legislative studies and legal arrangements that will contribute to the development of both crypto money and record chain ecosystems that allow the realization of such transactions.

Emphasizing that there is a need for legislation, regulatory authorities and stock exchange regulations especially in crypto money, Aktepe said:

“A crypto money project that cannot be bought and sold on classical money exchanges is difficult to survive. The legal infrastructure regarding cryptocurrencies is not yet sufficient in our country. Since there are no practices, laws and definitions related to the registry chain in the legislation, this situation leads to the development of the recording chain technology behind cryptocurrencies in our country. We carry out awareness studies to increase the digital maturity level of our country and to develop the digital economy. In this context, we have a focus axis group working on the registration chain and its applications with post-quantum cryptology. policy and strategy determination activities are carried out. Prepared reports will be shared with public institutions and the press. “