Once enacted, the crypto legislation will establish a new economic paradigm that may help the lira regain some of its lost value.
Turkey’s President Recep Tayyip Erdogan has allegedly verified the completion of a draught crypto legislation that would shortly be presented with the country’s Parliament for widespread adoption.
To combat the Turkish lira’s depreciation, President Erdogan announced intentions to introduce a new economic model at a news conference in Istanbul. According to local news outlet NTV, Erdoan said that the cryptocurrency law is complete, adding: “We will take immediate action on this matter by referring it to Parliament.”
Recognizing the country’s recent inflationary episode, Erdoan said that the currency event is not mathematical but procedural, signifying the likelihood and potential for the lira’s value growth:
“With this in mind, we want to divert it to a dry location. However, the exchange rate will establish its own market price.”
With the passage of the new crypto legislation, the president anticipates Turkey being one of the world’s top ten economies. In response to the region’s escalating costs, he announced intentions to track down those who modify the labels on price list organisers numerous times a day. “We want them to immediately reduce dollar growth,” he said.
On Nov. 23, Bitcoin holders in Turkey averted a rapid currency depreciation as the Turkish lira dropped 15% versus the US dollar in a single day.