Turkish President Recep Tayyip Erdogan Submits Crypto Bill to Parliament

According to European media ABC Gazetesi and the Daily Sabah reported on Friday, Turkish President Erdogan is expected to submit a crypto bill to parliament.

According to ABC Gazetesi, President Erdogan told reporters in Istanbul that "the law is ready and will be sent to Parliament immediately without delay."

Bitcoin and other cryptocurrencies are growing in popularity in Turkey, inflation in Turkey has skyrocketed, and the exchange rate of the Turkish currency, the pound, against the US dollar has hit a low earlier this month. year. Many consumers see cryptocurrencies as a way to overcome these problems.

But growing acceptance is difficult for President Erdogan, who wants to strengthen the pound and support Turkey's economic struggle. In April, Turkey's central bank said it had banned the use of cryptocurrencies for payments, even though it was still legal to hold cryptocurrencies in the country.

As the government announced on Sabah Day, the governor of the Central Bank of Turkey said the country's financial and monetary department had complied with cryptocurrency regulations, but lacked the intention to restrict them.

The pound rose about 20% on Tuesday, days after Erdogan announced measures to limit pound deposits.