Turkish Parliament to Review Crypto Bill

Turkish President, Recep Tayyip Erdoğan, has signaled that he will submit a cryptocurrency law to the Parliament “without delay”.

The increased popularity of cryptocurrencies, after a period of major inflation, was a major catalyst for the expediency of the crypto bill. Many Turkish citizens converted their lira to crypto, including Bitcoin, in order to hedge against inflation.

The lira has recently regained some of its value following Erdoğan’s announcement that the Turkish government would protect lira deposits.

See Also

UAE Moves a Step Closer to Digital Dirham

The Turkish Central Bank’s governer Şahap Kavcıoğlu also noted that both the Treasury and Finance Ministry were working on regulations, and also confirmed that it was not their intention to ban cryptos outright.