Turkey’s Nation Alliance set for crypto adoption

As the elections approach, Turkey’s political opposition group, the Nation Alliance, released its doctrine on Jan.30, which included 13 matters aimed at increasing crypto adoption in the region.

The Alliance primarily aims to imply blockchain technology in various public services and bureaucratic processes, according to the doctrine. In the meantime, cryptocurrencies will also be regulated and taxed.

The exact date for the elections hasn’t been decided yet. However, they must be held by June 18, 2023. This election season, six major opposition parties joined forces to create the Nation Alliance to combat the ruling party, which has been in power since 2002.

The doctrine

The doctrine states that the Alliance will utilize blockchain in areas where document validation, information storage, and privacy are required. The text mentions the job market, the health sector, international trade, and city planning as the primary areas that will be integrated with blockchain.

The system for the job market will allow users to create occupational profiles and apply to positions or match them with existing ones. Another protocol will serve as a document storage system, where users can privately hold their IDs, health records, certificates of ownership, diplomas, etc. Regarding city planning, the doctrine briefly mentions something similar to Columbia’s land registry project.

The Alliance said they would launch two different protocols regarding international trade and customs. One of them will be a digital customs system that tracks all the processes on blockchain end-to-end. The other, called INTERSECT, will handle international trade operations to provide transparency and security.

The text also states that the Alliance will properly tax cryptocurrencies and publish an extensive regulatory framework that clearly defines vague terms and protects investors.

Turkey on crypto

Turkey has been aware of crypto since the first Bitcoin (BTC) peak in December 2017. Towards the end of 2021, the skyrocketing inflation has been driving crypto adoption higher, turning Turkey into one of the hottest markets for crypto.

The lawmakers have been responding to increasing adoption as well. In 2022, the country started exploring the metaverse, submitted a draft bill to regulate cryptocurrencies and completed its first CBDC test transaction.