Cryptocurrency in Turkey Japan China U.K. and the Bitmain

Steven Anderson By Steven Anderson July 11, 2019 Off

The economic roadmap of Turkey was unveiled in the Eleventh Development plan.  The plan was submitted to the Parliament of Turkey on July 08, 2019 per regional reports.  The period between 2019 and 2023 are covered and this is the guiding point for improving the economy of Turkey.

The plan is wide-ranging and it consists of an array of subjects and the plan from the official website in the translation shows “blockchain-based digital central bank money will be implemented.”

For the “Transport and the Customs purposes” the legal and technology infrastructure will be fostered by the government.  Internet of things and a number of new approaches and artificial intelligence will be used to improve public services.

“Turkcoin” is in the list of idea of the national digital asset ever since 2018.  The Eleventh Development plan is not directly related to cryptocurrency and the blockchain; however, this will impact the businesses working in those areas.

Erdogan stated that the Central Bank will be providing a major degree of support to the economy.  The government has plans to introduce a Regulatory Experiment Area by forming an Association of Payment Services and Electronic Money Institutions.  The listing practices of Turkish Crypto Exchanges are strict with stringent on-boarding policies and banks are trying to partner up with these exchanges.

Nearly 110 cryptocurrency exchanges are looking to enter the Japanese market following the G-20 meetings. Following a recent cryptocurrency Bill, some of the crypto currency trading platforms have undergone changes.

Considering the preliminary consultation and inquiries related to registration it was stated that “The number of crypto asset exchange service providers which have expressed their interest is about 110 as of June.”

The Central Bank of China are developing their own digital currency in a response to the Libra from Facebook.

Wang Xin stated, “If the digital currency is closely associated with the U.S. dollar, it could create a scenario under which sovereign currencies would coexist with U.S. dollar-centric digital currencies. But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”

The Former Bitmain CEO is starting a new cryptocurrency startup, which will be offering crypto related financial services. Several employees from Bitmain who were laid off from the firm were hired in the process.

Another news about Bitmain reviving its plans for initial public offering (IPOs) is doing the rounds. While UK recently approved a cryptocurrency hedge fund, the regulator is looking to ban derivatives.