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Virtual money and blockchain technology will reshape the business world

26/01/2018 Press Releases

Virtual money and blockchain technology will reshape the business world

One of each five monetary currencies in the world will be digital. Saying that the virtual money applications and blockchain technology will change the rules in many sectors, GYİAD Vice Chairman and Digital Working Group Chairman Fuat Pamukçu pointed out that this will bring new opportunities. Mr. Pamukçu expressed that the legal infrastructure must be regulated as to support the technological developments.

Making evaluations on the virtual money applications and investments, the Young Executives and Business People Association (GYİAD) Vice Chairman and Digital Working Group Chairman Fuat Pamukçu pointed out the opportunities for the entrepreneurs and corporate companies.

Stating that the blockchain technology enabling the development of virtual money has the potential to change the rules and habits in the business world, Mr. Pamukçu said, “A new company that is activated through the cooperation between a maritime company and a technology company established couple of days ago and having the entire supply chain structure on blockchain is an updated and attractive example for this. We think that similar projects will be applied in many sectors, such as trade, finance, energy and health, etc. However, it is a must that the legal infrastructure must comply with the technological changes and support this digital transformation.”

“Legal infrastructure must be functional”

Saying that, “The prices in the virtual monetary market can increase and decrease rapidly; it is possible to have one or more of five currencies in the world to be virtual currency in long term”, Mr. Pamukçu added, “For the realization of this, the legal infrastructure must be functional. There are legal gaps concerning taxation in terms of the virtual currency incomes and use of virtual money. All countries should make an active evaluation on the profit and tax. Starting from US, the legal infrastructure and regulations to spread to the world will clarify the grey areas of the virtual money and pave the way of all entrepreneurs willing to invest in this. We, as GYİAD, both within the scope of our Digital Working Group and also Researches Institute, working on the recommendations to the Ministries of Finance, and Science, Industry and Technology.”