Connect with us

General Crypto News

Turkey announces plans for a national blockchain infrastructure

Avatar

Published

on

The Turkish government announced its plan to establish a national blockchain infrastructure to utilize distributed ledger technology (DLT) in public administration.

The Republic of Turkey’s Ministry of Industry and Technology announced plans for a “National Blockchain Infrastructure” during its Strategy 2023 presentation on Sept. 18 in Ankara, Turkey.

Strategy 2023 emphasizes blockchain and DLT as priorities for the National Technology Initiative in the coming year. The document refers to a Startup Genome survey that marks blockchain as one of the fast-rising tech trends, with a 101.5% increase in early-stage startup funding globally.

Turkish regulatory sandbox for blockchain is on the way

The document also says that a new initiative, Open Source Platform for blockchain, will be established in Turkey. This initiative will analyze different blockchain use cases such as land registration, academic certificates and customs to determine potential public sector applications.

The document also states that the Ministry of Industry and Technology plans to work with Turkish regulators to create a regulatory sandbox for blockchain applications.

First “Bitcoin” usage by the Turkish Government

Strategy 2023 is the first ministry-level document in Turkey to include the word “Bitcoin” (BTC) as a reference. As Cointelegraph previously reported, Turkey released an economic roadmap in July that describes a central bank-issued digital currency, but did not mention Bitcoin or any other cryptocurrency. Strategy 2023 also provides a definition of blockchain technology:

“Blockchain, while became popular with virtual currencies like Bitcoin, delivers a distributed communication infrastructure to provide trust between parties on transactions without the need for a central authority. This feature enables many different use cases that address transparency and reliability issues, from smart contracts to supply chains. Because it removes any intermediaries, blockchain technology builds new business models that will shape the future.”

Turkish institutions have been embracing blockchain technology in various spheres. In August, the Istanbul Blockchain and Innovation Center (BlockchainIST Center) was inaugurated at Bahçeşehir University. Per the center’s director Bora Erdamar, BlockchainIST will be “the most important center of research and development and innovation in Turkey in which scientific studies and publications are made in blockchain technologies.”

Earlier this month, Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) announced a blockchain-based platform for trading physical gold. Takasbank’s new project aims to enable users to transfer physical gold stored at the Borsa Istanbul Stock Exchange.

Source: https://cointelegraph.com/news/turkey-announces-plans-for-a-national-blockchain-infrastructure

Copyright © 2019 Crypto Digest.