The law will, according to the president, make all transactions in cryptocurrency legal. The draft is expected to be passed by parliament soon. A large part of Turkey’s population remains skeptical about cryptocurrencies and blockchain technology but there are hopes that it could change this decision and pave way for more adoption.,
The “is cryptocurrency legal in turkey” is a question that many people have been asking, and the answer is finally ready. Turkey’s crypto law is ready for parliament. The president confirmed this on Sunday.
Turkey’s President Recep Tayyip Erdoan is said to have approved the completion of a crypto legislation draft, which would be presented with Parliament shortly for widespread adoption.
At a news conference in Istanbul, President Erdoan outlined intentions to establish a new economic model in order to combat the dropping value of the Turkish currency. Erdoan stated the cryptocurrency law is ready, according to local media NTV, and added:
“We will take action on this matter by submitting it to Parliament as soon as possible.”
Recognizing the country’s recent inflationary episode, Erdoan said that the currency event is not tied to mathematics but rather a matter of process, meaning that the lira’s value development is possible and possible:
“We plan to divert it to a dry place with this knowledge.” The exchange rate, on the other hand, will set its own price on the market.”
The president expects Turkey to become one of the top ten economies in the world after enacting the new crypto legislation. In response to the region’s escalating costs, he said that he intends to follow the persons who alter the labels on pricing list organizers multiple times a day. “Right now, we want them to decrease the dollar rises,” he said.
In Turkey, Bitcoin reaches a new all-time high while the lira, the country’s official currency, plummets.
On November 23, Bitcoin holders in Turkey dodged a rapid currency depreciation as the Turkish lira dropped 15% versus the US dollar in a single day.
1-day candle chart for BTC/TRY (Binance). TradingView is the source of this information.
The slide of the fiat currency led in Bitcoin (BTC) achieving a new all-time high versus the Turkish lira, according to Cointelegraph. On Binance, the BTC/TRY trading pair touched 723,329 Turkish lira.
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