Deputy Minister of Transport and Infrastructure Dr. Ömer Fatih Sayan participated in the “e-Safe Event” via video conference.
In his speech, Deputy Minister Sayan stated that in the digitalizing world order, money has ceased to be just a tangible commodity and has become a tool enabling instant transactions through virtualization.
Sayan, who noted that innovations occurring in every area of life due to technological developments are also manifesting in the classical understanding of money, said, "The cryptocurrency units we are discussing today and the underlying blockchain technology are adding a brand new dimension to the world economy."
Sayan defined cryptocurrencies as digital assets that operate independently of the classical money concept, without dependence on any central authority, offering the freedom to transact in privacy, generally independent of state oversight and intervention, and produced in predetermined quantities, and stated that the usage volume of cryptocurrency, which first emerged in 2009, has rapidly increased over the years, with more than 4,000 cryptocurrency units traded worldwide.
Deputy
Minister Sayan: Crypto Market Grows Approximately 12 Percent Annually
Sayan noted that the cryptocurrency market grows by approximately 12 percent annually as more people use this currency day by day, and although cryptocurrencies provide users with conveniences in many areas, their values reaching significant sizes and their increasing prevalence bring new problems along with them.
Drawing attention to various studies predicting that banks could reduce their costs by 15-20 billion dollars if they use blockchain, Sayan stated the following: "Under the leadership of our esteemed President, we attach great importance to technology with a digitalization vision in every field and rank among the leading countries in this area. The 11th Development Plan, covering the 2019-2023 period, which is the first development plan of the Presidential Government System, includes the decision to issue a 'Blockchain-Based Digital Central Bank Money.' In this context, relevant institutions of our state continue their work on this matter. We foresee that blockchain technology, particularly in critical infrastructures and many other sectors, will find application areas and will be used much more widely in the coming years."
Deputy
Minister Sayan: Blockchain Technology Market to Reach 9.6 Billion Dollars by 2024
Emphasizing that demand for this technology continues to grow and spread among the world's most established industries, including finance, retail, and automotive sectors, Sayan said, "The blockchain technology market is expected to reach 9.6 billion dollars by 2024. We also consider it an important development that companies investing in this technology with domestic and national resources exist in our country and that blockchain research laboratories are being established in various institutions of ours."
Stating that quantum computers are estimated to reach a level threatening the encryption methods used by 2027, Sayan said that the anticipated developments are not limited to this, and underlined that efforts must be made to become a country that follows science and technology in line with 2023 targets, not just follows but leads them, and announced that all institutions of the state are ready to cooperate with every stakeholder focused on domestic and national production, open to innovation and development, and to provide all kinds of support.