Turkey Names Blockchain expert to Central Bank Committee

Turkey Names Blockchain expert to Central Bank Committee

The Monetary Policy Committee of the Central Bank of the Republic of Turkey appointed Professor Fatma Ozkul to the position. Prof. Ozkul is a well-known specialist in crypto assets and blockchain technology. The Turkish President Recep Erdogan made this appointment. This appointment will come into effect on December 23rd, 2023. It represents an integration of blockchain knowledge and cryptocurrency within the framework for the nation's financial policy.

According to President Erdogan's plan, Professor Ozkul's hiring is part of a larger initiative aimed at restructuring Turkey’s economic team. Erdogan, after winning the May general elections, took the initiative to create a new economic group. In this process, Erdogan appointed Hafize Gaie Erkan, an ex-banker from Goldman Sachs to the position as governor of the Central Bank. This strategic decision is in accordance with Turkey's increasing emphasis on digital banking. The first test of the Digital Turkish Lira was successful in 2022.

Professor Ozkul has taught accounting, finance and auditing since 2012 at Marmara University, Istanbul. Auditing, finance, and accounting are his areas of expertise. Her academic and research efforts have heavily incorporated blockchain technology and digital assets, which culminated in the publication of a book about crypto asset accounting by 2022. Professor Ozkul will bring her extensive knowledge of digital finance and her experience to the Monetary Policy Committee when she takes on her new role. This is an important instrument in controlling inflation in Turkey.

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The Turkish political and economic environment has created favorable conditions for Bitcoin use. Chainalysis reports that Turkey has recorded almost 170 billion dollars in cryptocurrency transactions between July 20,22 and June 20,23. This places Turkey in the fourth position worldwide for raw transaction volume. The Turkish government, in response to the recent surge in cryptocurrency activity is looking at the possibility of passing laws for the industry. They are focusing on licensing and taxation. The goal is to lower Turkey's ranking on the "greylist" maintained by Financial Action Task Force, and bring it in line with global financial standards.

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