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Turkey Take A Big Leap Of Faith

Samantha Mitchell




Turkey Joins In

As we see more and more countries and companies realise just only some of the potential of the latest Blockchain technology, Turkey now joins the list.

Turkey has taken a very big step forward in seeing just how much Blockchain can support them with their every day operations. The county has launched its own Blockchain and Innovation Center (BlockchainIST) in Istanbul. The aim behind this new facility is to solely see today’s children become the Blockchain developers of the future driving the country in the right direction and improving its efficiency. Istanbul was chosen as the perfect location for the center with Bahçeşehir University (BAU) offering the ideal partnership.


Turkey’s New Centre

As with most countries around the world, Turkey is very keen to make the most of what Blockchain can offer and wants to rely on its youth to help the countriy’s economy. However, the center is certainly not star struck by the technology and blinkered by developing it. In fact, the university is very aware that it has a lot to learn and is very excited about working with similar and more established projects around the world and learning from their expertise. Building good relationships with others globally is a strong belief for the center. The facility will become pivotal for Turkey and will be responsible for research and development in Blockchain and is therefore doing everything it can to make this happen.

Turkey has not taken this decision lightly and is adamant that BlockchainIST will be a roaring success hence the marriage to a university to show just how determined the country is to make this work. Turkey is well aware of the possible positive implications that Blockchain technology can have on the country and ultimately would like the country to be a world leader in Blockchain.

No For Cryptocurrencies

Despite Turkey biting the bullet with Blockchain and developing the above, Cryptocurrencies are certainly not seen in the same light. In fact, November 2017 saw the Directorate of Religious Affairs declare that Muslims in the country should not become involved Bitcoin because of its “speculative nature”. This comes as no real surprise when there are so many countries around the world that are still very dubious with the new digital economy.

However, as with most, the reason for not becoming involved at this stage is two fold – the lack of knowledge on the digital economy, how it works and the benefits it can offer as well as the fact that Cryptocurrencies are not regulated. Now some countries such as the UK and Malta are not shying away from these two speed bumps. They are instead embracing Cryptocurrencies and are actually deepening their knowledge as well as developing their own regulations for Cryptocurrencies especially.

Although Turkey is still uncertain about its Cryptocurrency future, it has definitely realized the potential of Blockchain and is full steam ahead with its development. It is very encouraging to see countries now being enlightened with the latest technology and implementing the necessary systems to get things moving. Let’s watch this space to see the first wave of Bitcoin innovators come out of Istanbul.

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