Turkey President Erdogan to Send Crypto Law to Parliament: Report



Turkish President Recep Tayyip Erdoğan will send a crypto law to the country’s parliament, two European publications reported on Friday on ABC Gazetesi and the Daily Sabbah.

  • “The law is ready, we will send it to Parliament soon without delay,” Erdogan told reporters in Istanbul, according to the ABC Gazetesi.
  • Bitcoin and other cryptocurrencies have become more and more popular in Turkey, where inflation has hovered and the currency of the land, the lira, batis record lows against the US dollar earlier this year. Many consumers have seen crypto as a way to avoid these problems.
  • But the growing acceptance has challenged the authoritarian Erdogan, who has sought to strengthen the lira and strengthen Turkey’s struggling economy. In April, Turkey’s central bank said it was banning the use of cryptocurrency for payments, although it remains legal to keep crypto in the country.
  • At the time, Turkish Central Bank Governor Şahap Kavcıoğlu said that the country’s Ministry of Treasury and Finance has developed regulations on cryptocurrency but did not intend to ban them, according to the pro-government Daily Sabbah.
  • The lyre pink about 20% on Tuesday, a day after Erdogan announced measures to protect lira deposits.



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