Venezuela has been the latest state to announce the creation of its own currency. Only this time, we are talking about cryptocurrency. While the world seems to be rather opposed to cryptocurrencies, at least legislators and regulators as well as some men of finance, Turkey is rather set on coming up with a way to tap into the digital gold.
Various sources have indicated that Turkey is now plunging into the fray of the crypto gold and it will soon push ahead with a gold coin called “Turkcoin.”
One could speculate with the information and try to determine whether Turkey is looking to facilitate its own interests. The technical conditions of the projects are still in the dark and no one is quite sure when this potential project may see the light of day.
However, Turkey may include a number of large companies such as Turkish Airlines and the Istanbul Stock Exchange, including Turk Telekom. Rallying some of the country’s richest institutions is a telltale sign that Turkey will seek to establish a reliable financial asset that may put it ahead of the rest of other countries in the region, including the European Union.
Meanwhile in Venezuela, President Nicolas Maduro has said that El Petro, the newly-minted coin, has managed to accumulate USD 735 million in fresh capital.