Ministry of Transport and Infrastructure Deputy Minister Dr. Ömer Fatih Sayan spoke at the special session titled "Regulations Regarding Digitalization" within the "Turkey Technology Meetings" event held under the auspices of the Ministry of Trade and the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
Crypto currencies were discussed at the program. Noting that the sole factor making crypto currencies so attractive and sought-after in recent years is the freedom it offers to conduct transactions independently of any central authority and in privacy, separate from the classical money concept, Sayan stated that in this system, monies are created through mathematical algorithms run via computers.
Drawing attention to the fact that 1.3% of the world's population uses crypto currency, Sayan noted that according to a study, the number of crypto currency users increased by 15% in January of this year. Pointing out that the recent surges in crypto currency prices have boosted interest in them, Sayan said that as of January 2021, the number of crypto currencies traded worldwide reached 4,089.
Deputy Minister Sayan emphasized that the absence of laws regulating the crypto currency market and having international validity can create potential for many problems, stating, "The daily rising volume of crypto currencies and the rapid increase in the number of people owning crypto currencies also necessitate national and international regulations. Although regulatory efforts regarding crypto currencies continue worldwide, there is currently no fully comprehensive legislation that operates either at the state level or between states. While some countries legally accept crypto currencies, others deem them illegal."
Expressing concern over whether institutions referred to as "exchanges," "intermediary institutions," or "platforms," which facilitate crypto currency buying and selling and also perform custody duties, are fulfilling these roles appropriately, Sayan announced that institutions and organizations regulating money markets are continuing their work in areas requiring regulation.
Deputy Minister Sayan: Cybersecurity Measures Taken Are Above the World Average
Sayan, stating that the primary element in crypto currency regulation is its financial dimension, said that cybersecurity measures in their field are above the world average.
Touching on social media regulation, Sayan noted that the necessary legal framework has been achieved in this regard, reminding that under the social media law, social network providers with more than one million daily accesses from Turkey—whether domestic or foreign—are obliged to appoint at least one representative in Turkey. Sayan thanked those who contributed to completing the social media regulation process, which is ongoing worldwide, in Turkey without any need for bandwidth throttling.
Deputy Minister Sayan: We Plan to Actively Use 5G in 2023
Addressing the 5G topic, Sayan said, "In the 4.5G tender, we requested a 40-45% local content ratio and stated that we would be one of the first countries to transition to 5G with the highest possible local content ratio. While the 4.5G local content ratio was at 1% levels, we raised it to 23%."
Sayan emphasized the importance of proper timing in phone compatibility, applications, and commercial demands for the transition to 5G, stating, "We plan to actively use 5G in 2023."