Soon after the launch of Petro in Venezuela, a Turkish official has come forwarded to create a national cryptocurrency for Turkey, called “Turkcoin“.

According to a report by the Al-Monitor news agency Ahmet Kenan Tanrikulu, Deputy Chairman of the Nationalist Movement Party (MHP), has proposed for a Turkcoin in a detailed 22-page report. The proposal provides for a state cryptocurrency in the form of “asset-backed security”, which is secured by state assets in the form of company shares.

Tanrikulu of the MHP, says that Turkey should now legislate to regulate and control the market in order to generate revenue for the state and further argues that,

“The world is moving towards a new digital system. Turkey should create its own digital system and currency before it’s too late “

Unlike Venezuela, no oil or gold should be used to secure the claims, but a “Wealth Fund” should be established. In this could state assets in the form of shares, including Turkish Airlines, the Istanbul Stock Exchange, Botas, Turk Telecom, Ziraat Bank and the national lottery serve as collateral. The cryptocurrency would be worth at least as much as the assets in the Wealth Fund.