Venezuelan Petro goes live, Turkcoin and crypto ruble on the way

Turkey is contemplating its own national cryptocurrency
Other US sanctioned countries are also exploiting digital options to overcome restrictions

Tanya Abrosimova Independent Analyst

While Nicolas Maduro boasts about the successful launch of oil-backed petro coin and promises to issue another one as soon as the next week, other countries under Western sanctions are pondering over introducing their national cryptocurrencies.

As we have written earlier, Iranian central bank is considering its own digital coin. Now it comes out that Politicians in Turkey are discussing a state-backed cryptocurrency "Turkcoin."

According to Al-Monitor, Middle East-oriented media resource, Ahmet Kenan Tanrikulu, the deputy chair of Turkey's Nationalist Movement Party has prepared a report where he suggested to introduce Turkcoin to tokenize asset-backed securities.

"The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it's too late." - he told in the interview to Al-Monitor

Earlier Turkey's Deputy Prime Minister hinted that the government was developing plans to launch a national cryptocurrency.

Meanwhile, the head of the Russian Ministry of Finance Anton Siluanov denied the possibility of creating national cryptocurrency but supported the idea of the private crypto ruble, issued without public financing.

The Central Bank of Russian Federation seems to be of a different opinion as in 2017 the regulator announced the plans to launch national digital currency.

Author

Tanya Abrosimova

Independent Analyst

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