Turkish President Recep Tayyip Erdoğan will send a crypto law to the country’s parliament, two European publications, ABC Gazetesi and the Daily Sabbah reported on Friday.
- “The law is ready, we will send it to parliament soon without delay,” Erdogan told reporters in Istanbul, according to ABC Gazetesi.
- Bitcoin and other cryptocurrencies have risen more and more popular in Turkey, where inflation has flew and the currency of the country, the lira, to hit record low against the US dollar earlier this year. Many consumers have seen crypto as a way around these problems.
- But the growing acceptance has challenged the authoritarian Erdogan, who seeks to strengthen the pound and support the struggling Turkish economy. In April, Turkey’s central bank said it prohibition the use of cryptocurrency for payments, although it remains legal to hold crypto in the country.
- At the time, the governor of the Turkish central bank Şahap Kavcıoğlu noted that the country’s Treasury and Finance Ministry was developing cryptocurrency regulations but had no intention of banning them, according to the pro-government Daily Sabbah.
- Read it Pink about 20% on Tuesday, a day after Erdogan announced measures to protect lira deposits.