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Turkey Joins the DLT List

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Highlights

  • Turkey Announces plans to experiment with DLT
  • The announcement was made in the Strategy 2023
    Vision
  • Ministry of Industry and Technology will lead
    the way

In an apparent good new for the Blockchain and DLT sector,
The Turkish government has announced plans to establish a national blockchain
infrastructure to utilize distributed ledger technology (DLT) in public
administration.

The Ministry of Industry and Technology set out its vision
during its Strategy 2023 presentation on Sept. 18 in Ankara.

Strategy 2023 emphasizes blockchain and DLT as priorities for
the coming year. The document refers to a Startup Genome survey that marks
blockchain as one of the fastest-growing tech trends, with a 101.5% increase in
early stage startup funding globally.

The Ministry of Industry and Technology is also planning to
work with Turkish regulators to create a regulatory sandbox for blockchain
applications.

The
Future of Blockchain in Turkey

Strategy 2023 is the first ministry-level document in Turkey
to include the word “Bitcoin” (BTC) as a reference. Turkey released
an economic roadmap in July that describes a central bank-issued digital
currency, but did not mention Bitcoin or any other cryptocurrency.

Strategy 2023 also provides this definition of blockchain
technology: “Blockchain, which became popular with virtual currencies like
Bitcoin, delivers a distributed communication infrastructure to provide trust
between parties on transactions without the need for a central authority. This
feature enables many different use cases that address transparency and
reliability issues, from smart contracts to supply chains. Because it removes
any intermediaries, blockchain technology builds new business models that will
shape the future.”

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