Tech minister: Digital economy can break privilege of some currencies

The privilege of some currencies can be cut by utilizing the tools of the digital economy, Turkish Technology and Industry Minister Mustafa Varank said. "With the tools of the digital economy, we can find ways for implementing 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. Varank noted that the world is at the beginning of unprecedented changes.

"Digital economy is becoming the trigger of [the] new industrial and financial revolution," the technology and industry minister said. "Countries that promote [an] innovative, integrated and data-driven public sector would be the stars of the digital age."

Citing that the trade wars were shaping the whole global agenda, Varank said no one wins a trade war.

"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," he said.

He noted that the country dealt successfully with attack thanks to "well-planned and decisive steps" the government has taken.

"My point is here that, this happened to Turkey and the risk stands for all the countries, they might face the similar situation," he warned.

Varank stressed that everyone he met at the meeting was complaining how the global trade and the economy has become unpredictable and that there was an uncertainty. The officials indicated during the bilateral talks that they were uncomfortable with the current situation and that a solution should be found.

The minister also noted that the digital economy and its measurement were not known enough in Turkey.

"We should be a pioneer in the rapidly-developing technology world. We give importance to the issue of measurement of the digital economy in the new period. We will increase the awareness of all our counterparts, public and private sector, at this point," he said.

Meanwhile, Varank also informed that during the talks, many delegation heads and participants gladly spoke of the services of the national flag carrier Turkish Airlines (THY).

"We have seen on this trip how effective and useful THY's policy of flying to most destinations is. The participants expressed their satisfaction regarding THY's services and said they were preferring the carrier for their trips to Argentina as well as other countries," he concluded.