Developing its own digital currency with national capabilities is critical for the development of Turkey’s digital economy, the head of the Informatics Association of Turkey (TBD) said Monday.

Rahmi Aktepe told Anadolu Agency that digital and crypto currencies have significant advantages over traditional currencies thanks to the digital technologies and innovative structures they are based on.

Digital currencies use blockchain technology – also known as distributed shared ledgers – to record transactions.

Although work on cryptocurrency law has been carried out in many countries, as yet there is no fully established legal framework anywhere in the world, he said.

“The legal infrastructure on cryptocurrencies in Turkey also falls short,” he said, but added there are studies on boosting Turkey’s digital maturity and developing the digital economy.

The results of this work will be shared with public institutions and the press, he added.

Aktepe also said that a regulation on cryptocurrencies was prepared in April in Turkey, and that the 2020 Presidential Annual Program includes a project for the Central Bank and the Scientific and Technological Research Council of Turkey (TUBITAK) to develop an official digital currency for the country.

*Writing by Aysu Bicer

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.