January 16th, according to official announcements from CoinTR, former Governor of the Central Bank of Turkey, Murat Uysal, officially joined the company’s board of directors, effective immediately. Murat Uysal served as Deputy Governor of the Central Bank of the Republic of Turkey from 2016 and later assumed the role of Governor in 2019, making outstanding contributions to Turkey’s monetary policy and financial stability during his tenure.
In his statement regarding joining CoinTR, Murat Uysal emphasized the innovative power and potential of combining blockchain technology with traditional finance. He expressed his confidence in CoinTR’s technological infrastructure, skilled human resources, talents, and the experienced team in traditional finance. Uysal stated, “We will work to create a secure, efficient, and leading digital financial infrastructure for Turkey and support the country’s digital transformation.”
CoinTR CEO Ali Eşelioğlu, in his statement about Murat Uysal’s joining CoinTR, expressed great honor and joy. He highlighted Uysal’s superior experience in the Central Bank and finance industry, which will bring valuable insights and leadership to their brand and team. Eşelioğlu emphasized the commitment to continue working together under Uysal’s leadership for more innovative steps in the development of the digital asset industry and to create additional value for the sector and customers in building the blockchain financial infrastructure.
Previously, four senior officials from banks and regulatory institutions had already joined CoinTR, holding key positions. This includes Şakir Ercan, former Deputy Minister of Finance and Financial Monitoring in Turkey; Mehmet Emin, former Vice President of Vakıf Bank at the Central Bank of Turkey; Ali Eşelioğlu, former Deputy Head of the Market Department at the Central Bank of Turkey; and Yakup Demir, former Deputy Head of Banking Regulation and Supervision Agency in Turkey.
The “Official team” of Turkey has repeatedly joined CoinTR due to its unique positioning and mission. The complex geopolitical situation in Eastern Europe and the Middle East has increased trade and investment risks in the region, leading to instability in the legal currency and compliance trade being affected by “dirty money.” The relatively secure political environment in Turkey has attracted a significant influx of trade, foreign exchange, and asset investment from the Middle East. Turkey’s GDP growth rate reached 5.6% in 2022 after excluding the impact of inflation, making it one of the fastest-growing economies globally. This has created a unique opportunity for the application of Turkey and digital assets in the region, with digital assets being a more controllable and secure alternative to fiat currency. Turkey is currently ranked fourth in the global digital asset market and is the largest digital asset market in the Middle East and North Africa.
In the 12 months from July 2022 to June 2023, the total trading volume of the Turkish lira against USD stablecoins exceeded $40 billion. However, a large amount of the Turkish population’s USD stablecoins are stored in overseas exchanges. The losses suffered by Turkish investors due to the collapse of FTX have also highlighted the risks to the Turkish government. The regulatory and economic sectors in Turkey have started to pay attention to the impact of digital assets on exchange rates and the threats to financial security.
CoinTR CEO Ali Eşelioğlu previously stated, “Keeping USD reserves in Turkey, as well as USD stablecoins, protecting the assets of Turkish citizens, and reducing Turkey’s outflow of foreign exchange will be an important mission and business innovation direction for CoinTR. This goal cannot be achieved by a single exchange alone. CoinTR will collaborate extensively with traditional financial sectors and actively experiment in regulatory sandboxes. Our vision is to create a blockchain-based financial infrastructure for Turkey and the Middle East, fostering positive growth in the blockchain industry in Turkey.
CoinTR previously presented a constructive proposal for building a blockchain-based digital financial infrastructure in Turkey during a meeting with the Chairman of the Investment Office of the Presidency of Turkey. The proposal received support from the Investment Office, and discussions have now begun with two major state-owned banks regarding the design of the implementation plan for digital banking and gold-backed stablecoin.
CoinTR is a global digital asset exchange located in Turkey, founded by a team of product and technology experts from the Turkish financial regulatory authorities, the central bank, and the world’s top three exchanges. As of now, CoinTR has accumulated over 1 million users, with a daily trading volume reaching $300 million. CoinTR has brought together wallet security teams from the three largest exchanges globally, including the former vice president of Huobi, and over 100 product and technology experts, with approximately 80% of employees having over three years of experience in the world’s leading exchange industry. Its wallet system has been running smoothly for eight years, maintaining the highest security record in the industry, managing digital assets worth over $50 billion. The team has previously developed and maintained the world’s largest trading system, participated in the development and deployment of licensed exchanges in Japan, obtained a trust license in Hong Kong, and established asset management and wallet systems.