A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin.
In Turkey, cryptocurrency is newly introduced as opposed to rest of world. No statistic exists how many people hold crypto currency in Turkey but it assumed by end of October 2017, there was 5.5 m USD worth transaction in Turkey in a day. Comparing a 6 billion USD worth global transaction, Turkey hold a very tiny volume.
However Turkey has a huge oppurtunity in this new era. Comparing 20 years ago, the people between 40 years to 60 years age know how to use internet and computer. Banking transaction via internet increase annually. That proves the fact Turkey is very connected via internet.
But there is a major problems with its usage.
Cryptocurrency is decentralized and therefore cannot be traced. That makes is favorable by everyone. Since almost no state recozgnize it as an asset, it a tax free. That is why Finance Minister considers to recognize it as an "Asset" and would apply tax if an profit is earned through. However the experts in Turkish Central Bank do not recognize it "asset" which makes it hard for taxation at the moment.
If Turkish Central Bank recognize it as an asset, Turkey would be one of the first Central Bank applying tax via finance system. That would make Turkey as an attraction point if not globally but in Middle East to invest in. Untilmately this would increase the tax revenue and improve the economy.
Obviously, there are lots of homework to be done before it can be introduced. But it is almost clear that who might apply this first, would collect the rewards.
