On December 11, 2023, upon the invitation of the United Kingdom All Party Parliamentary Group (APPG), former Deputy Minister of Finance of Turkey and CoinTR Chairman of the Board of Directors Şakir Ercan Gül and former Deputy General Manager of the Central Bank of the Republic of Turkey and CoinTR CEO Ali Eşelioğlu met at Westminster He traveled to London to attend the Web3 and Central Bank regulatory discussion forum with representatives of the UK All Party Parliamentary Group (APPG) in the Committee Room.
The main topic of the discussion forum was “The Role of Central Banks and Governments in the Age of Cryptocurrency, Web 3.0 and Artificial Intelligence”. Those attending this meeting from the UK included Marcus Fysh MP, Chair of the All-Party Parliamentary Group on the Central Bank and Digital Currency, Baroness Paola Uddin, Chair of the All-Party Parliamentary Group on Metaverse and Web 3.0，Viscount Waverley, Chair of the All-Party Parliamentary Group on Investment and Trade. Our CoinTR CEO Ali Eşelioğlu and our Chairman Şakir Ercan Gül, who were invited as special speakers from Turkey, talked about CoinTR’s contributions to the sector, the Central Banks’ approach to digital assets, and the need for legislators and banks to take action for the opportunities Web3 offers to traditional finance. They expressed their thoughts in their speeches. In addition, they also provided information to the participants about CoinTR’s road map. Our CEO Ali Eşelioğlu and our Chairman Şakir Ercan Gül attended the dinner held in the parliament after the meeting.
The agenda of the panel, which includes experts in their fields as speakers;
- Examining the evolving role of Central Banks in the age of digital currencies and Web 3.0.
- Exploring potential government strategies to regulate and oversee AI integration in crypto and digital platforms.
- Propose collaborative approaches between governing bodies and the technology sector to ensure market stability and consumer protection.
- Case study and analysis: Discussing the implications of regulatory frameworks to protect stakeholders and institutions in light of recent industry changes such as cryptocurrency exchange events.
- Roundtable Discussion: Roles of the Central Bank and governments, possible regulations and opportunities in the new digital age.
Who was on the panel?
Marcus Fysh MP, Chair of the All-Party Parliamentary Group on the Central Bank and Digital Currency, Baroness Paola Uddin, Chair of the All-Party Parliamentary Group on Metaverse and Web 3.0, and Viscount Waverley, Chair of the All-Party Parliamentary Group on Investment and Trade. APPG Metaverse and Web 3.0 Consultant Prof Yu Xiong, APPG CBDC Steering Committee Member Paul Sisnett and Former CIO of Boston Boutique Asset Management Firm Prof Geoffrey Goodell, Rubicon Crypto Founder and CEO Gregory Johnson, Tintra Bank CSO Dr Joe Lske also took part in the panel as a speaker.
In his speech at the panel, Ali EşelioğluStating that digital finance is rapidly changing the foundations of traditional financial systems and that the decentralized nature of Web3 complicates traditional financial regulations, he stated that legislators and Central Banks may need to actively play new roles to address the opportunities and challenges presented by Web3.
Ali Eşelioğlu continued his words as follows: “Lawmakers must adopt regulations to ensure the harmonious development of DeFi (Decentrialised Finance), protect user assets, and evaluate the potential value and risks of DeFi, including its potential for financial inclusion, cost reduction, and innovative financial products and services.” should do. Government agencies should improve public education about cryptocurrency and compliance and help people understand the value and risks of cryptocurrencies. Central Banks must fully understand the impact of DeFi on the financial system, create currency policies and payment systems compatible with DeFi, consider their impact on money supply and interest rates, and enhance the security of DeFi protocols through collaboration. “Central Banks can also provide financing to support innovation in financial products and services through DeFi.”
Ali Eşelioğlu also explained his thoughts on the development of technological developments in the sector: “Artificial Intelligence (AI) can be applied in areas such as data analysis and process automation to improve the efficiency and productivity of both traditional and decentralized financial institutions, manage risks, reduce losses and protect user assets. As a Turkish blockchain technology company with a strong traditional finance background and leading global technology, CoinTR has the technical capabilities to support Central Banks in effectively managing DeFi processes and enhancing regulatory capabilities. CoinTR aims to work in close cooperation with legislative bodies and financial institutions by acting as a bridge between traditional financial systems and the crypto ecosystem.”
Making a statement about the panel held in the House of Lords of Westminster Palace, CoinTR CEO Ali Eşelioğlu said: “ A panel was held where very useful information and ideas were exchanged for the development of the sector. In the panel that lasted for long hours, there were heated discussions and debates on many different topics. We first gave information to our Chairman of the Board of Directors, Mr. Şakir Ercan Gül, about CoinTR’s road map and the projects we have carried out with our global business partners for the development of the sector in Turkey. Again, as CoinTR, we informed the participants about the added value we will provide to the sector, the creation of a sustainable financial system with the technological support we offer, and the collaborations we have made with lawmakers and public institutions by using blockchain, Web3 standards and artificial intelligence applications. We expressed our opinions on the advantages that the correct use of artificial intelligence will provide to the sector and the contributions that cooperation between countries and sector representatives will provide to the sector. Thanks to the panel, we completed our process regarding the blockchain industry with efficient communication. “We are taking step by step towards becoming the digital center of the future.” He included his words.
