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Turkey’s parliament will soon be breaking its head over a new cryptocurrency law in the country. As reported by news outlets ABC Gazetesi and the Daily Sabbah on Friday, Turkish President Recep Tayyip Erdoğan has told reporters that the is ready and will soon forward it:
“The law is ready, we will send it to the Parliament soon without delay.”
Bitcoin and other cryptocurrencies have become very popular among the Turkish population at the back of the national currency debasing and consistently hitting new lows. Just a week ago, the Turkish lira had plummeted to a price of $0.060, half of its average value in the past six months. Crypto is seen by the people to protect themselves from inflationary risk.
Nevertheless, the growing acceptance poses a challenge to the the authoritarian Erdogan, who has been looking to strengthen the lira and bolster Turkey’s struggling economy. Although it remains legal to hold crypto in the country, the country’s central bank announced a ban on the use of cryptocurrency for payments in April.
In March, Turkish Minister of Industry and Technology, Mustafa Varank had said that the government would be introducing crypto regulations soon. The minister said that he would not leave the cryptocurrency market unsupervised as it is prone to fraud.
In October, CEO cryptocurrency exchange Bitmex, Alex Hoeptner, said to expect that by the end of next year, at least five countries will have accepted Bitcoin as legal tender just like El Salvador. And since Bitcoin “fixes inflation”, he hinted towards Turkey being one of the five what nevertheless can still be regarded as a long-shot.