Digital economy can help 'break the privilege of some currencies': Turkish minister

Digital economy can help 'break the privilege of some currencies': Turkish minister

SALTA - Anadolu Agency
Digital economy can help break the privilege of some currencies: Turkish minister

The privilege of some currencies can be cut by utilizing the tools of digital economy, Turkish Technology and Industry Minister Mustafa Varank said on Aug. 24.

“With the tools of the digital economy, we can find ways to implement a payment and exchange system free from political interventions. This way, we can also break the privilege of some currencies,” Varank said during his speech at the G20 Digital Economy Ministerial Meeting in the northern Argentine province of Salta.

The minister said the world is at the beginning of unprecedented changes.

“Digital economy is becoming the trigger of [the] new industrial and financial revolution,” he said.

“Countries that promote [an] innovative, integrated and data-driven public sector will be the stars of the digital age,” Varank said.

No one wins a trade war, he said, citing that trade wars are shaping the whole global agenda.

“Two weeks ago, Turkey unintentionally became a part of the war. As a result, we saw some volatility in our currency, which had no rational macroeconomic base,” said the minister.

Varank noted “the country has dealt successfully with attacks thanks to well-planned and decisive steps” the government has taken.

“My point here is that this happened to Turkey and the risk stands for all countries, which might face a similar situation,” he said.

Mustafa Varank, Turkish Lira, exchange rate