Turkey is preparing to launch a digital currency based on the “lira”

The Turkish Anatolia news agency quoted Rahmi Aktebe, head of the Turkish Informatics Association, as saying that experts from the Central Bank and the Scientific and Technological Research Organization (TUBITAK) are working to launch an official digital currency, whose value is based on the “lira”.

He stated that the issuance of a digital currency based on the Turkish lira, which has a tangible financial return, with the possibility of trading and selling in the regular financial markets, is very important for the development of the Turkish digital economy.

He added, “Digital currencies and cryptocurrencies have great advantages that are not found in traditional currencies, as well as the ability of these currencies to be in harmony with digital technologies and innovative structures that depend on them, which attracts the interest of investors.”

He continued, “Over the past months, it has been observed a significant increase in investments, or in conducting financial operations using digital currencies, especially “Bitcoin” and “Ethereum”. This increase comes in conjunction with the rapid digital transformations that the world is witnessing, which increases From investors’ interest in digital currencies day by day.”

He pointed out that there are more than 3,500 digital currencies that can be bought and sold on digital platforms that are not subject to government regulation, and these platforms are known as cryptocurrency exchanges.

He pointed out that these exchanges do not have a central structure, and that all transactions related to this platform are carried out without intermediaries.

He explained: “On digital exchanges there are no similar regulatory institutions to the Capital Markets Board and the Banking Regulation and Supervision Agency, as there are in traditional exchanges. For this reason, there is no authority for people to turn to when carrying out false speculative transactions or when they fall prey to fraudulent transactions.”

Aqtaba pointed out the importance of the investor being able to make reliable investments in digital currencies, and that this may be possible by having a basic level of infrastructure, technology and digital principles to deal with thousands of digital currencies traded and analyze and create a portfolio.

He advised those who do not have enough information about the digital money market to stay away from websites and mobile applications that may be fake, and to be wary of falling prey to scams.

He pointed out that experts are also working on creating a new conversion system for digital currencies that have a tangible physical basis.

And he indicated that the current transfer system, called “BIGA”, allows currencies that have a financial return from the use of transfer techniques and users to verify the validity of the transfer, and also provides the financial regulatory authorities with monitoring of financial transactions.

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