ICO support in the new economic program of Turkey

Turkey intends to develop the digital sector of economy

Recently appointed head of the Turkish Ministry of Finance, Berat Albayrak, finally introduced a new long-term strategy for the development of the country's economy. The key moment was the intention at the state level to develop the digital sector, and also to support the ICO.

According to the Minister of Finance, the implementation of the new strategy will increase the country's GDP to 3.8% by the end of 2018. The Department for Management and Transformation of State Resources, established earlier, has already joined the strengthening of state assets, including the national currency.

Beirat Albayrak considers it necessary to use any alternative measures that will help overcome the economic recession. According to him, the government intends to take concrete steps in new investment projects that will normalize the processes in the Turkish financial sector over the next several years.

In the context of significant devaluation of the Turkish lira (since the beginning of the year, the lira has weakened by 70% against the dollar) and the corresponding excitement at local crypto-currency exchanges, Turkey expects economic indicators to grow as a result of bold initiatives from both its political leaders and foreign partners. In this direction, the government intends to finance innovative projects, as well as support ICO and IPCO.

Possible creation of a national crypto-currency with the support of the ICO should be the most effective in this direction. This forecast is confirmed by the positive experience of countries that have allowed ICO on their territory as a stimulant of the economy.

Let us remind you that at the moment, the authorities of most countries are ambivalent about the ICO, arguing that this attitude is insufficient protection against possible fraud. The report of the Attorney's General Office of New York, who commented on the work on her territory of several large crypto-currency exchanges and revealed numerous shortcomings, can serve as example of possible negative consequences and the reasons for their occurrence.

Some time ago, the absence of state legal support from the Turkish government in the ICO field led to the creation of a crypto-currency financial pyramid in Turkey. The result of its functioning was the escape of developers from the country, fraud amounting to 1 billion TRL and thousands of deceived depositors.

In addition to the above intentions and initiatives, the actual measures taken by Turkey regarding analysis of the probability to create its own crypto-currency and in general the realities of the ICO in its country are worth noting. One of the most important steps in this direction was opening in the country of the first university-level educational centre BlockchainIST, which explores blockchain and the possibility of introducing its technologies into the economy of Turkey.