Turkey President Appoints Crypto Expert to Central Bank Board
Turkey President Recep Tayyip Erdoğan has named professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s rate-setting committee. The announcement of Ozkul’s appointment was made on December 22.
Ozkul has been a lecturer at Istanbul’s Marmara University since 2012, specializing in accounting, finance, and auditing. She has also authored a book on crypto asset accounting in 2022.
Ozkul is now a member of Turkey’s central bank Monetary Policy Committee, responsible for setting the benchmark interest rate. In response to Turkey’s high inflation rate, the committee recently raised the interest rate by 2.5 percentage points to 42.5%.
Erdoğan has been making changes to the country’s economic team, appointing Hafize Gaye Erkan as the governor of the central bank. In 2022, Turkey’s central bank successfully conducted a test of its own digital currency, the Digital Turkish Lira.
Crypto Adoption Surges in Turkey
Turkey has experienced a significant increase in crypto adoption, ranking fourth globally in terms of raw crypto transaction volumes. Between July 2022 and June 2023, approximately $170 billion worth of crypto activity took place in Turkey.
A survey conducted earlier this year revealed that over half of the Turkish population is now participating in the crypto market. This represents a 12% increase in the number of crypto investors in the country over the past 18 months.
The survey also showed a diversification in the demographics of crypto investors in Turkey. While men still dominate the market, women’s participation rates, especially among younger individuals, are rising. Additionally, Turkish authorities are considering regulatory measures for the country’s crypto market.
Hot Take: Crypto Expert Joins Turkey’s Central Bank Board
Turkey’s appointment of professor Fatma Ozkul, a renowned crypto expert, to the central bank’s rate-setting committee demonstrates the country’s recognition of the importance of blockchain technology and digital assets. With her expertise, Ozkul is expected to contribute valuable insights to the committee’s decision-making process.
This move comes as Turkey witnesses a surge in crypto adoption, driven by factors such as high inflation and the depreciation of the Turkish lira. The increasing interest and participation in cryptocurrencies among Turkish adults, including a rising trend among women and younger individuals, highlight the growing acceptance of digital assets in the country.
As Turkey explores regulatory measures for its crypto market, it aims to improve transparency and compliance with international standards. This is crucial for removing Turkey from the “grey list” of the Financial Action Task Force and ensuring a secure and regulated environment for crypto transactions.
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