“Turkey will make a giant leap with a new economic model,” the Turkish president said as he unveiled a cryptocurrency bill.
Turkish President Recep Tayyip Erdoğan said today in a press conference that he expects the country to take a giant leap forward with a new economic model and that for the first step, he will touch the money industry. electronics by creating a law to promote fair use.
Turkish President talks about a new economic model
The President of Turkey emphasized his interest in the cryptocurrency sector. He explained that government officials have the Crypto Bill ready to be sent to Congress for discussion as soon as possible.
We will take it step by step by sending (the bill) to Congress immediately. Turkey will make a giant leap forward with its new economic model. It is well worth taking these risks.
The draft has yet to be made public and the Turkish president did not provide further details on its content; however, one of the main points of the bill seems to focus on the central bank’s role as the regulator for cryptocurrency transactions.
Citizens will know that their money is guaranteed by the central bank, the guarantee agency for the country’s coffers.
In other words, while it makes no mention of accepting Bitcoin as a legal currency, the bill opens up an opportunity for the crypto-based banking industry.
This is of particular importance given the recent collapse of two major crypto exchanges: Thodex and Vebitcoin.
Turkey’s decision comes as a surprise as the country has not been crypto-friendly in the past.
As recently as September 2021, President Erdoğan himself remarked at a press conference that he has no intention of promoting the adoption of cryptocurrencies.
The Central Bank of Turkey announced a ban on the use of cryptocurrencies as a means of payment for the purchase of goods in April of this year. The text of the ban is very clear and even warns of irrevocable damages to crypto users.
However, economic difficulties may explain the change of Turkish government. Turks continue to exchange their liras for crypto more and more often every day.
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