Turkish Finance Minister embraces Initial Coin Offerings (ICOs) amid the recent turbulent economic situation

Turkish Finance Minister embraces Initial Coin Offerings (ICOs) amid the recent turbulent economic situation

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Answer Turkish Finance Minister embraces Initial Coin Offerings (ICOs) amid the recent turbulent economic situation

Local Turkish media reports that the country’s Finance Minister Berat Albayrak has suggested researching the brutal world of Initial Coin Offerings (ICOs) as a way to boost the economy. It is not clear yet Turkey’s supposed direction to adopt and support cryptocurrencies, but it highlighted expectations that the declining and weak Turkish lira in the country will re-emerge.

The Turkish Ministry of Finance announces a new economic program

Anadolu Agency, one of Turkey’s official media since the last century, has taken up the Finance Minister’s New Economic Program published this week. Turkish Finance Minister Berat Albayrak believed that the country’s economy would grow by 3.8% by the end of the year.

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The Minister pointed out that “the Office of Transformation and Change in Public Finance has been established within the framework of the New Economic Program.” And that “all necessary policies and measures will be used to overcome economic challenges, and we expect to achieve stability for the coming years until 2020, so the New Economic Program aims to achieve economic growth of 2.3% in 2019.”

Turkish Finance Minister embraces the ICO amid the recent turbulent economic situation

These are wildly different predictions and predictions from not so long ago. President Recep Tayyip Erdogan and his American counterpart, Trump, have engaged in a diplomatic battle over the fate of an American religious leader. During their struggle, the Turkish lira bottomed out and depreciated at alarming rates, causing massive inflation.

The minister continued, “Our main objective is to support the stabilization process while providing full discipline to the public finance system. You will see these goals tangibly in the investment projects that we will support.” Anadolu Agency further explained how this will happen according to the “New Medium-Term Economic Program (MTP), where Turkey targets a budget deficit of 1.9% of GDP this year, and 1.7% for 2021.”

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The country is clearly craving good economic news, and bold new plans, from its political leaders. On this front, Ali Emre Konaksi of Coin Bulletin, a cryptocurrency website in Turkey, reported that the Finance Minister, after outlining the official recovery program, also emphasized Initial Coin Offerings (ICOs) as a potential economic innovation that the country might pursue.

Remarkably, no other English-language news account has reported such a trend, which is sure to keep the headlines if accurate. Instead, Turkish media insists on the country’s New Economic Program, the 34-page report on economic recovery, “includes ICOs that are closely linked to the world of digital finance.” Mr. Conakci refers to this as a “wonderful factor” and in fact, for a government that could be involved in overseeing ICOs let alone encouraging their use, it is either a sign of forward-thinking or desperation, depending on the analyst.

The document states that “new and modern financing methods such as ICO (Initial Coin Offering) and alternative IPO will be expanded by encouraging digital transformation and financing innovative projects.” Unfortunately, the document did not add more details than that, leaving the media circles in a state of confusion, speculation, expectations and hopes.

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ICOs have been part of the investment disclosure aspects, often bypassing the normal barriers to entry for smaller investors. There are usually no KYC, AML, and no obstacles for accredited investors participating in an ICO, which are the factors that undoubtedly contributed to its massive rise with billions of dollars swirling around it. They are also notorious for scams, and various studies have concluded that fraudulent activity among ICOs is disproportionate in the financial world.

So far the only government that has completely rushed to experiment with government-backed “cryptocurrencies” has been Venezuela, and so far no clear results have emerged from this move.

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