Turkey sends cryptocurrency bill to parliament, lira rises by 20%

Turkey sends cryptocurrency bill to parliament, lira rises by 20%

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Answer Turkey sends cryptocurrency bill to parliament, lira rises by 20%

Interest in the crypto market is increasing from governments around the world, as many of these governments have moved and are moving to try to control and legalize the crypto market.

Hours ago, Turkish President Recep Tayyip Erdogan announced that the country’s cryptocurrency bill would be sent to the National Assembly with immediate effect, and the President announced this to reporters during a press conference held Friday evening in Istanbul.

President Erdogan did not let many details go to waste this time. He stated:

We will take a step immediately and send the bill to Parliament.

Last September, the government revealed its serious reservations about cryptocurrencies, saying that it had no intention of embracing cryptocurrencies.

Read:Thailand reveals that it is not in a hurry to launch its central bank digital currency CBDC

Erdogan took this opportunity to reassure his citizens that Turkey would continue to work on its own identifiable digital currency.

Despite the aversion to the issue, there were numerous indications that there would not be a total ban on cryptocurrencies.

Cryptocurrencies are gaining immense popularity in Turkey:

Even with the official Turkish currency, the lira, which hit an all-time low against the dollar earlier in the year, and inflation also continuing its upward trend, the popularity of bitcoin and other cryptocurrencies has continued to rise impressively.

Perhaps because these users consider cryptocurrencies as a kind of protection from those challenges mentioned earlier.

But the widespread adoption of cryptocurrencies is currently causing a lot of problems for President Erdogan, who has been looking to strengthen the lira to help improve Turkey’s not-so-good economy.

While the Turkish Central Bank banned crypto payments in April, it is not illegal to own or hold cryptocurrencies in the country.

The legal situation was confirmed when the governor of Turkey’s central bank, at the time, indicated that the country’s Treasury and Finance Ministry was compiling crypto regulations with no intention of banning cryptocurrencies entirely.

Read:VeChain Project Signs a Memorandum of Understanding with the State of Cyprus to Develop Blockchain Technologies

Meanwhile, in related news, the lira rose about 20% on Tuesday, 24 hours after Erdogan announced measures to protect Turkish lira deposits.

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