The Central Bank of Turkey Appoints Blockchain Specialist as Monetary Policy Committee Member
The Monetary Policy Committee of the Central Bank of the Republic of Turkey has announced the appointment of Professor Fatma Ozkul, a renowned expert in blockchain technology and crypto assets, to their team. This decision, made by President Recep Tayyip Erdoğan, reflects the integration of blockchain and cryptocurrency knowledge into Turkey’s monetary policy. Professor Ozkul’s appointment will take effect on December 23, 2023.
Turkey’s Economic Team Undergoes Restructuring
President Erdoğan’s plan to reorganize Turkey’s economic team includes hiring Professor Ozkul as part of a broader strategy. This move aligns with Turkey’s increasing focus on digital banking, exemplified by the successful testing of its digital currency, the Digital Turkish Lira, in 2022. Hafize Gaye Erkan, a former Goldman Sachs banker, was appointed as the central bank governor.
Professor Ozkul Brings Extensive Expertise to the Committee
Professor Ozkul has been teaching accounting, finance, and auditing at Marmara University since 2012. Her academic and research work has extensively covered blockchain technology and digital assets, including authoring a book on crypto asset accounting in 2022. As a member of the Monetary Policy Committee, she will contribute her knowledge and experience in digital finance to establish benchmark interest rates for controlling inflation in Turkey.
Turkey’s Favorable Environment for Bitcoin
Turkey has seen significant Bitcoin usage due to favorable political and economic conditions. Chainalysis reports that between July 2022 and June 2023, nearly $170 billion worth of cryptocurrency transactions were recorded in Turkey, ranking it fourth globally in terms of transaction volumes. In response to this surge, the Turkish government is considering implementing cryptocurrency industry regulations, focusing on licensing and taxes, to align with global financial standards and reduce its presence on the FATF’s “grey list.”
Hot Take: Turkey Leverages Blockchain Expertise for Monetary Policy
Turkey’s appointment of Professor Fatma Ozkul as a member of the Monetary Policy Committee demonstrates the country’s commitment to integrating blockchain technology and crypto assets into its monetary policy framework. With Turkey’s growing emphasis on digital banking and its significant Bitcoin usage, the decision to hire a blockchain specialist reflects the government’s recognition of the importance of these technologies in shaping the country’s economic future. Professor Ozkul’s expertise will contribute to establishing benchmark interest rates and controlling inflation in Turkey, further solidifying the nation’s position in the global crypto landscape.
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