Fatma Ozkul has lectured at Marmara University in Istanbul for 11 years, with an academic emphasis on auditing, blockchain, accounting, and digital assets.
Recep Tayyip Erdogan, Turkey’s President, has allegedly selected Professor Fatma Ozkul, a blockchain technology and crypto assets expert, to the central bank’s monetary body. According to a report, a verdict nominating her was disclosed on December 22.
Is Turkey’s Central Bank Eyeing Blockchain and Digital Assets Integration?
Ozkul has lectured at Marmara University in Istanbul since 2012, with finance, accounting, and auditing being her main focus. Besides, her research area involves digital assets and blockchain technology. Her university profile shows that she wrote a book concerning crypto asset accounting last year.
Ozkul is the most recent member of the nation’s central bank Monetary Policy Committee, whose primary responsibility is to establish the benchmark interest rate to manage inflation. On December 21, it increased Turkey’s interest rate by 2.5 percentage points to 42.5%. This came after the country’s inflation rate rose to 61.98% last month.
The president allegedly created a new economic group after emerging victorious in the nation’s general election in May, appointing Hadize Gaye Erkan, an ex-Goldman Sachs banker, as a governor of the central bank.
Turkey Creating Explicit Licensing to Avoid System Misutilization
Last year, the bank fruitfully carried out the first test of the Digital Turkish Lira, its digital currency. The economic landscape has been amplifying the adoption of crypto in the nation. Chainalysis, a blockchain analytics company, reports that Turkey ranks fourth internationally in raw crypto transaction volumes. Between July last year and June 2023, its activity was roughly $170B, just behind India, the US, and the UK.
Turkish authorities intend to respond to the increase in crypto transactions by considering guidelines for its crypto market. Allegedly, it wants to focus on taxation and licensing to eliminate the nation from the Financial Action Task Force’s (FATF’s) ‘grey list.’
The imminent guidelines are anticipated to create explicit licensing requirements to avert system misutilization, covering numerous aspects, including digital currency improvements, capital capability standards, and custody services to reserve authentications.
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