Turkey’s President Recep Tayyip Erdoğan has appointed Professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s monetary body. Ozkul, a lecturer at Marmara University in Istanbul, has a strong academic background in accounting, finance, and auditing, with a focus on blockchain technology and digital assets. She recently authored a book on crypto asset accounting.
Ozkul joins the Monetary Policy Committee, whose main responsibility is to set the benchmark interest rate to control inflation. The committee recently raised the interest rate by 2.5 percentage points to 42.5% due to high inflation in the country.
President Erdoğan has been reshaping the economic team since winning the general election, appointing former Goldman Sachs banker Hafize Gaye Erkan as the governor of the central bank. The central bank also conducted a successful initial test of its own digital currency, the Digital Turkish Lira, in 2022.
Turkey has seen a significant increase in crypto adoption, ranking fourth globally in raw crypto transaction volumes. The country recorded approximately $170 billion in crypto activity between July 2022 and June 2023, trailing behind the United States, India, and the United Kingdom.
In response to the rise in crypto transactions, Turkish authorities are considering regulations for the crypto market. The focus is on licensing and taxation to comply with the Financial Action Task Force (FATF) guidelines and remove Turkey from the “grey list.” The upcoming regulations are expected to cover various aspects, including capital adequacy standards, digital security enhancements, custody services, and reserve verifications.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇹🇷 🇺🇸 🇮🇳 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Fatma Ozkul, Hafize Gaye Erkan, Recep Tayyip Erdoğan, None |
| Companies | Financial Action Task Force (FATF), Marmara University, Bloomberg, Turkey’s central bank Monetary Policy Committee |
| Currencies | united states dollar, Turkish Lira, British Pound, Indian Rupee |
| Securities | None |
