Turkey Names Blockchain Expert to Central Bank Committee

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

Based on President Erdoğan, the hiring of Professor Ozkul is a element of a extra complete plan geared toward reorganizing Turkey’s financial workforce. After attaining victory within the normal election held in Might, Erdoğan took the initiative to determine a brand new financial workforce. 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 determination is in keeping with Turkey’s rising emphasis on digital banking, which was proven by the truth that the primary testing of its digital foreign money, the Digital Turkish Lira, was profitable within the yr 2022.

Since 2012, Professor Ozkul has been educating accounting, finance, and auditing at Marmara College in Istanbul. His topic areas of experience embrace auditing, accounting, and finance. Blockchain expertise 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’s going to supply her substantial information and expertise in digital finance to the method of building benchmark rates of interest, which is a necessary 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, stories that Turkey recorded practically 170 billion {dollars} price of cryptocurrency transactions between July 2022 and June 2023, putting it in fourth place worldwide when it comes to 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 trade, with a selected emphasis on licensing and taxes. The target is to scale back Turkey’s standing on the “gray checklist” maintained by the Financial Action Task Force and convey it into conformity with world monetary norms.

Picture supply: Shutterstock