President Recep Tayyip Erdoğan of Turkey recently appointed Professor Fatma Ozkul, an expert in #crypto assets and #blockchain​ technology, to the central bank's rate-setting committee. This nomination, announced on December 22, adds Ozkul, who has been teaching at Istanbul’s Marmara University since 2012, specializing in accounting, finance, and auditing with a focus on blockchain technology and digital assets. She authored a book on crypto asset accounting in 2022.

Ozkul's appointment comes amidst the Monetary Policy Committee's responsibility to control inflation by setting the benchmark interest rate, which was increased to 42.5% on December 21 due to Turkey's inflation rate surpassing 61.98% in November.

Erdoğan has made other significant appointments, including Hafize Gaye Erkan, a former Goldman Sachs banker, as the central bank governor. In 2022, the central bank successfully conducted initial tests of the Digital Turkish Lira.

Turkey has experienced a surge in crypto adoption, ranking fourth globally in raw crypto transaction volumes, recording around $170 billion between July 2022 and June 2023, trailing only the US, India, and the UK. This increased interest in crypto investments is attributed to Turkey's inflation woes.

A survey revealed that over half of Turkish adults are now involved in the crypto market, marking a 12% rise in investors over 18 months. There's also a diversification in crypto investors' demographics, with growing female participation, especially among younger age groups. Nearly half of crypto investors aged 18 to 30 are female.

The Turkish government is considering regulatory measures for the crypto market, focusing on licensing and taxation to comply with #FATF regulations and remove Turkey from the "grey list."