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ISTANBUL
Turkey plays a key role in blockchain and cryptocurrency fields and the role gives a really good chance to the country for leading financial technologies, the CEO of a major digital currency exchange market Binance said.
In the Annual Presidential Program released this month, Turkey announced it would launch a blockchain-based digital currency. Tests are expected to start in 2020.
The country also aims to create a roadmap for the development of Fintech ecosystem and establish a financial technopark in Istanbul.
Touching on the cryptocurrency sector, he stressed that the sector will become bigger and every government will issue their own currencies.
Several governments are already working on supporting blockchain-based cryptocurrencies, he added.
“I think China is very specific, they want to increase blockchain development, technology development, but they’re not interested in promoting cryptocurrencies,” he noted.
Zhao added that China will adopt blockchain with all other governments.
People don’t understand blockchain yet
He said people do not trust cryptocurrencies because they do not understand the blockchain technology.
“You don’t have to trust anybody else [in blockchain network]. The network is run by mathematics, by software,” he underlined.
“I think the fact that people just haven’t changed their minds yet. They don’t understand it well enough, but very soon, I think they will,” he added.
Paper notes to disappear
Noting that central banks will issue digital tokens, he said that all versions of paper notes “will disappear.”
He highlighted: “If you look at China, there’s no printing money, is all digital money, not blockchain money yet, but it’s all digital.”
All paper notes will be turned into blockchain-based digital currencies in the future, he added.
He also said the issuance of many digital tokens by central banks is good for the cryptocurrency industry.
All of the digital currencies will spread to the world like cell phones and computers which were not expected to be used by the whole world in the beginning, he noted.
Touching on social media platform Facebook’s digital currency ‘Libra’, he said: “If Libra can get a large number of users, we will happy to serve to support it, but we don’t know until it comes out.”
This article was originally published on aa.com.tr
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Sectoral confidence in Turkey rose for services, retail trade and construction in September compared with the previous month, the country’s statistical authority reported Tuesday.
“The seasonally adjusted confidence index, which was 89.1 for services in August, increased by 0.2% in September to 89.3,” the Turkish Statistical Institute (TurkStat) said.
The retail trade confidence index stood at 97.6 this month, up 2.7% from 95 in August.
Seasonally adjusted construction confidence index — 55.5 last month — surged 8.3% in September to 60.1, according to TurkStat.
Sectoral confidence indices calculated from the monthly survey results are evaluated within the range of 0-200.
These indices indicate an optimistic outlook when the value is above 100, a pessimistic outlook when it is below 100.
TurkStat will release the next sectoral confidence figures on Oct. 25.
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As of the end of August, foreign direct investment (FDI) mounting to $2.3 billion from Europe, $1.7 billion from Asia and $0.3 billion from other regions flowed to Turkey, while investments by Asian residents surged by 91.3%.
According to the Central Bank of the Republic of Turkey (CBRT) data, $4.2 billion in foreign direct capital investment were made in Turkey from January to August, up by 11% compared to the same period last year.
On the basis of regions, the highest investment of $2.25 billion came from Europe in the eight-month period, followed by Asia with $1.7 billion, the Americas with $306 million and Africa with $31 million.
During this period, 52.6% of direct investment in Turkey was made by European investors, 39.5% by Asian investors, 7.2% by American investors and 0.7% by African investors.
In the January-August period last year, Turkey had attracted $2.7 billion in investments from Europe, $885 million from Asia, $227 million from the Americas and $1 million from Africa.
Asian investors’ direct investments in Turkey at the end of August rose by 91% compared to the same period last year, while European investments declined by 16.8 % during the same period, the data revealed. So, Asia closed the gap to a large extent with Europe, which has been the leader in direct investments in Turkey for years.
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British tour operator Jet2holidays aims to fill the void after the collapse of Thomas Cook, the chief executive told Turkish tourism professionals in southern Muğla province.
Attending a meeting with hoteliers in the Dalaman district, Jet2holidays Chief Executive Steve Heapy said his company has become the largest tour operator in England and pledged to continue to carry out operations in Turkey.
Heapy noted that the Turkish government has been cooperating with them following Thomas Cook’s collapse to resolve the issue.
Turkish Hoteliers Federation (TÜROFED) Deputy President Bülent Bülbüloğlu, who attended the meeting with Heapy, said they were pleased about Jet2holidays’ 2020 plans.
“I believe they will achieve the goals they have specified,” Bülbüloğlu said in regards to the planned flights and hotel reservations in the area.
The 178-year-old British operator failed to get a last-ditch rescue deal in September and declared bankruptcy, leaving 600,000 tourists stranded worldwide, forcing governments and insurance companies to coordinate a huge operation to bring them all home.
In the aftermath of the collapse, the Culture and Tourism Ministry said it was working with the Treasury and Finance Ministry on a loan package to be put in place as soon as possible to help affected businesses.
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