Tuesday, June 25

Economic Crisis in Turkey has Forced the Finance Minister to Accept ICO

It seems the economic crisis in Turkey has forced the finance minister to accept the use of ICO (Initial Coin Offering). This is after the Turkish media announced that Berat Albayrak the finance minister has accepted to look into the use of ICO so as to salvage the economic crisis the country at the moment. According to Anadolu Agency, one of the oldest media outlets in Turkey said that the finance minister Berat has come up with ‘New Economic Program’ that will save the sinking economy.

In the program proposals, it states that the economy of Turkey will grow by 3.8% before the year-end. A new office has been created known as the public finance transformation and change office. Mr. Berat also said, “We will use essential plans and procedures to overcome the economic constraints affecting the country currently.” He also added that this New Economic program will help the country to stabilize its economy by 2020.

The economic crisis facing Turkey currently is due to disagreements by the country’s president Recep Tayyip Erdogan and US president Donald Trump over the fate of the Turkish religious leader who wanted to overthrow President’s Recep government. In addition, the Turkish currency has a low value currently compared to the US dollar.

Anadolu added that as per the prospects of the Turkish Finance minister they are targeting at least reduction of the country’s budget to GDP by 1.9% and later to 1.7% by 2021. This issue didn’t pass other media outlets also were concerned with this important economic issue. According to Ali Emre Konakci, an editor of a local crypto site said that the intervention by the finance minister to consider the use of ICO is a good idea for the Turkish economy.

The use of ICO comes after the Venezuelan government decided to use this as a way to boost its economy after the country plunged into chaos leading to economic catastrophe. ICO has been a big issue in the private sector and many companies have embraced the use of ICO in order to raise capital for a startup.

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