Turkey Names Blockchain Expert to Central Bank Committee

The Financial Coverage Committee of the Central Financial institution of the Republic of Turkey has named Professor Fatma Ozkul, a outstanding specialist in blockchain know-how and crypto property, to the place. This appointment was made by President Recep Tayyip Erdoğan of Turkey. This appointment, which can take impact on December 23, 2023, represents a considerable integration of blockchain and cryptocurrency data inside the framework of the nation’s financial coverage.

In line with President Erdoğan, the hiring of Professor Ozkul is a element of a extra complete plan aimed toward reorganizing Turkey’s financial group. After reaching victory within the normal election held in Could, Erdoğan took the initiative to determine a brand new financial group. As a part of this course of, he appointed Hafize Gaye Erkan, a former banker at Goldman Sachs, to the place of governor of the central financial institution. This strategic resolution is according to Turkey’s rising emphasis on digital banking, which was proven by the truth that the primary testing of its digital forex, the Digital Turkish Lira, was profitable within the yr 2022.

Since 2012, Professor Ozkul has been instructing accounting, finance, and auditing at Marmara College in Istanbul. His topic areas of experience embrace auditing, accounting, and finance. Blockchain know-how and digital property have been closely included in her educational and analysis endeavors, culminating within the launch of a ebook on crypto asset accounting within the yr 2022. When Professor Ozkul takes up her new place on the Financial Coverage Committee, she is going to supply her substantial data and expertise in digital finance to the method of creating benchmark rates of interest, which is a vital instrument for controlling inflation in Turkey.

The political and financial local weather in Turkey has provided favorable circumstances for using Bitcoin. Chainalysis, an organization that makes a speciality of blockchain analytics, studies that Turkey recorded almost 170 billion {dollars} value of cryptocurrency transactions between July 2022 and June 2023, putting it in fourth place worldwide by way of uncooked transaction volumes. Due to the latest spike in cryptocurrency exercise, the Turkish authorities is contemplating the potential for enacting legal guidelines for the cryptocurrency business, with a specific emphasis on licensing and taxes. The target is to scale back Turkey’s standing on the “gray listing” maintained by the Monetary Motion Job Power and convey it into conformity with international monetary norms.

Picture supply: Shutterstock

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