Turkey Appoints Blockchain Expert to Central Banking Committee
Monetary Policy Committee central bank The Republic of Turkey has appointed Professor Fatma Ozkul, a renowned expert in the field of blockchain technology and crypto assets, to the position. The appointment was made by Turkish President Recep Tayyip Erdoğan. This appointment, which will take effect on December 23, 2023, marks the practical integration of blockchain and cryptocurrency knowledge within the framework of national monetary policy.
According to President Erdoğan, Professor Ozkul’s hiring is part of a broader plan aimed at reorganizing Turkey’s economic team. President Erdogan, who won the general election in May, took the lead in creating a new economic team. As part of this process, he appointed Hafize Gaye Erkan, a former Goldman Sachs banker, as central bank governor. This strategic decision is consistent with Turkey’s growing emphasis on digital banking, as evidenced by the success of the first test of the Digital Turkish Lira, the digital currency of 2022.
Since 2012, Professor Ozkul has been teaching Accounting, Finance and Auditing at Marmara University in Istanbul. His areas of expertise include auditing, accounting, and finance. Blockchain technology and digital assets have figured heavily in her academic and research activities, with a book on cryptocurrency asset accounting published in 2022. When Professor Ozkul takes up her new position on the Monetary Policy Committee, she will have the following suggestions for her: Rich knowledge and experience in digital finance in the benchmark interest rate setting process, an essential tool in controlling inflation in Turkey.
Turkey’s political and economic environment has provided favorable conditions for the use of Bitcoin. According to Chainalytic, a blockchain analysis company, Turkey recorded about $170 billion worth of cryptocurrency transactions between July 2022 and June 2023, ranking fourth globally in terms of raw transaction volume. Due to the recent surge in cryptocurrency activity, the Turkish government is considering the possibility of enacting legislation for the cryptocurrency industry, with a particular focus on licensing and taxes. The goal is to reduce Turkey’s status on the “grey list” it maintains. Fiscal Action Task Force And make it compliant with global financial norms.
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