Turkish President Recep Tayyip Erdoğan announced the drafting of a bill that will regulate cryptocurrencies in a meeting with economists and business leaders held in the Dolmabahce Palace. Recep Tayyip Erdoğan said that the law was going to be sent to the national assembly “without delay”.
Among the many countries where Bitcoin and other cryptocurrencies are becoming increasingly popular is Turkey. Inflation has been on the rise while the lira, the country’s currency, hit record lows against the U.S. dollar earlier this year. In the past few years, crypto has often been perceived by consumers as a way to circumvent these issues.
“We will take steps on this issue by sending it to Parliament without delay. With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”
Said President Erdoğan
In spite of this, the increasing level of acceptance has posed a challenge to Erdogan, who has been trying to boost Turkey’s economy as well as strengthen the currency. Turkish central bank said in April that crypto-currency could not be used as a form of payment in the country, although it remains legal to hold crypto in the country.
The president envisions that with the introduction of the new crypto law, the Turkish economy will become one of the top 10 in the world. In regards to the increasing prices in the region, he stated that the people who change the labels of the price list organizers several times a day, will be followed.
