Venezuela, which managed to raise $735 million within the first day of El Petro presale, prompted other countries to follow its example. Ankara and Tehran started discussing possible launches of their national cryptocurrencies.

Former Turkish Minister of Industry and the Nationalist Movement Party (MHP) deputy chair Ahmet Kenan Tanrikulu in a letter to the Turkish government proposed to create a Turkish national cryptocurrency, which he calls Turkcoin. According to him, the world is moving along the way of digitization of many industries, and if the country misses this rally, then Turkey may be pushed out on the sidelines of the world economy. As in the case of El Petro, which is backed by barrels of oil reserves at the Ayacucho block 1 in Venezuela's Orinoco Belt, Tanrikulu proposes to back Turkcoin with, for example, securities of the largest Turkish companies such as Turkish Airlines, Istanbul Stock Exchange, and Turk Telekom. The official believes that a cryptocurrency backed by real assets could help to avoid high volatility traditional to many cryptocurrencies and make it more attractive in the eyes of investors. Other details of the project are not disclosed.

Simultaneously, a possible launch of the national digital currency was discussed in Iran, which, like Venezuela, is limited in attracting capital from abroad due to international economic sanctions. Minister of Communications of the country Mohammad-Javad Azari Jahromi tweeted that he had a meeting with the board of directors of the State Post Bank, where it was decided to develop proposals of a national digital currency.

 

 

At the same time, in general, the attitude to the cryptocurrencies in the Islamic Republic cannot be called unambiguous. Thus, the Iranian central bank stated high risks and unreliability of cryptocurrencies and its desire to control and prevent the spread of such digital money in Iran.

This week, Venezuela launched the presale of its national cryptocurrency El Petro. According to the President of Venezuela, Nicholas Maduro, the first day of the presale brought $735 million to organizers. Due to the successful launch of the first national cryptocurrency, Maduro announced plans to issue another cryptocurrency, El Petro Oro, which will be backed by gold reserves of Venezuela.