Turkish President Announces Crypto Bill To Go To Parliament

Turkish President Recep Tayyip Erdoğan told a press conference in Istanbul on Friday that a Turkish cryptocurrency bill is ready and will soon be presented to parliament.

President Erdogan said he would take "immediate steps" to present (the photo policy) to Parliament. Erdogan didn't announce too many details this time around, but in September the government said it had no plans to accept cryptocurrencies.

“The country will use our own currency as well as ours to move forward,” Erdogan said at the time.

Despite the strong message, cryptocurrency restrictions are unnecessary.

Lütfi Elvan's chief financial officer also ruled out the possibility in May, speaking in a statement a month after two Turkish exchanges, Thodex and Vebitcoin, passed overnight. Consumers on these exchanges do not have access to the money and demand is rising from hundreds of millions of dollars to thousands of dollars.

Mertcan Bayraktar, a lawyer representing numerous Thodex victims in court, believes the Thodex-Vebitcoin scandal for Decrypt will not affect the crypto law. He believes Turkey's crypto law will deal with taxes and legislation, such as whether a cryptocurrency exchange is to be considered a bank or an exchange.

According to Bayraktar, the status of the cryptocurrency exchange matters as Turks have increasingly used cryptocurrencies to replace the Turkish lira for a stable value pegged to the US dollar. The Turkish lira is down 34% against the US dollar this year, but is up 41% this week after falling earlier this year, according to data from TradingView. In Turkey, the US dollar is widely viewed as a value market, while the local currency is traded as a meme currency that fluctuates over time.

According to foreign media reports on December 24, the exchange rate of the Turkish lira against the US dollar fell more than 60% in November and the price rose to 21.7%. inflation. With the recent increase in the domestic cryptocurrency market, Bitcoin and USDT are known to have become the most widely used assets.

In December, the governor of the Central Bank of Turkey announced that exchange rates had risen steadily and that currency disruptions were possible if the exchange rate changed too much. Turkey's central bank is concerned about some cryptocurrency cash flow flu.

“The ancient Turks used banks and money changers to buy US dollars, but cryptocurrency exchanges were very popular with those under 40 (buying companies indexed to the US dollar),” Bayraktar said. . "

He explained that cryptocurrency exchanges are open 24 hours a day and offer better value in the forex market than banks or money changers.

But the Turkish government wants people to invest in reading it. This week we announced government savings that benefited the dollar. The government hopes to encourage people to stop liking the US dollar and read "HODL".

“Cryptocurrencies have added another battle to the Turkish government,” Bayraktar added. "There has always been another currency for the Turkish Lira. Now, in addition to Bitcoin and altcoins, there are crypto exchanges related to fiat money."

Now the government has to persuade people that the money they are paying is worth more.