Turkey close to regulatory foundation for cryptocurrencies, Turkish Minister says

In an interview with local media Bloomberg HT, Turkish Minister of Industry and Technology, Mustafa Varank said that the government will be introducing crypto regulations soon. The minister said that he will not leave the cryptocurrency market unsupervised as it is prone to fraud.

Varank made some striking statements in the interview that came shortly after Turkish President released a statement last Friday on how its government are working on a plan to lay a regulatory foundation for cryptocurrencies.

Varank has changed his view on cryptocurrencies at the back of strong global developments of the industry and the growing acceptance. He said:

“What can be done with our ministers and our esteemed president in this field? We are doing our own preparations and studies, but I believe that countries will control this area in the world and will not leave it unattended. It is not right for us to declare measures today. Of course, we are monitoring the developments very closely. We will decide what to do in the upcoming period. I was much more negative about cryptocurrencies before. I did not believe that this business could effect world trade. I see that they are very active today. This is of course very much related to the money going around in the world markets. There are huge reserves lurking around and they are looking for places to go. You know, for example with a tweet by Elon Musk, the system can suddenly be turned upside down. I think countries will definitely need to control of this. “

He then continued on the need for regulation as many Turkish citizens are investing in cryptocurrency:

“Our citizens like risk. That’s why they invest in these areas. We are currently working on Blockchain technology and cryptocurrency technology with TUBITAK. We have a project that we carry out with our central bank regarding both digital currencies and cryptocurrencies. Of course, I personally do not believe it is right to leave out such a fraud prone area, which poses a lot of risk to our citizens. ”


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