Turkey’s Crypto Law Headed Towards Parliament Says President Tayyip Erdoğan

Turkish President Recep Tayyip Erdoan stated Friday during a news conference in Istanbul that the draught crypto bill is ready and would be delivered to parliament soon.

“We will take immediate action and transmit [the draught bill] to parliament,” Erdoan stated.

Erdoan declared in September that the government “had absolutely no intention of embracing cryptocurrencies,” though he didn’t go into detail this time.

At the time, Erdoan stated that Turkey would “go forward with our own currency, which has its own character.”

Meanwhile Twitter user MMCrypto brought some data that 90 per cent of youngsters have a Binance account.

Turkish Crypto Exchange’s In Surveillance

Despite the harsh statements, there are no plans to outlaw cryptocurrency. In May, Minister of Treasury and Finance Lütfi Elvan ruled it out, a month after two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, vanished overnight.

Customers of such exchanges were unable to access their funds, with losses ranging from hundreds of millions to billions of dollars.

According to Bayraktar, the status of cryptocurrency exchanges is important since Turks are increasingly using them to sell the Turkish lira for dollar-pegged stablecoins.

According to TradingView, the Turkish lira has plummeted 34% versus the US dollar this year, but has risen 41% this week after a dramatic loss earlier this year. In Turkey, where the local currency occasionally trades like a volatile memecoin, the dollar is commonly regarded as a store of value.

When it comes to foreign currency transaction, cryptocurrency exchanges are open 24 hours a day, seven days a week, and provide better prices than banks or exchange bureaus, he stated.

The Turkish government, on the other hand, urges citizens to invest in the lira. It established government-backed savings accounts linked to the price of the US dollar this week. It hopes to persuade people to abandon the dollar and instead… hodl the lira.

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