The alliance between Turkey’s ruling Justice and Development Party (AKP) and its de facto partner, the Nationalist Movement Party (MHP), has extended to an unlikely realm: the idea to develop Turkey's own bitcoin.

Amid bitcoin’s meteoric rise last year, the Turkish government had taken an unwelcoming stance toward the cryptocurrency. Ministers likened it to a pyramid scheme and warned citizens to stay away. The MHP, however, argues that instead of dismissing cryptocurrencies, Ankara should draw up legislation to regulate and control the market. MHP deputy chair and former Industry Minister Ahmet Kenan Tanrikulu has penned a detailed report on the issue, proposing the state-controlled release of a “national bitcoin” called "Turkcoin."

For Tanrikulu, missing out on blockchain, the underlying technology of cryptocurrencies, would be a serious mistake. “The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late,” he told Al-Monitor.

The politician stressed that cryptocurrencies were already in use in Turkey, despite the lack of a legal framework. “The need for regulation is obvious,” he said. “Also, the use of those currencies in illegal activities must be prevented.”