President Recep Tayyip Erdogan declared that Turkey was at war with cryptocurrencies during a Sept. 18 conference in Mersin with students from 81 provinces.
In mid-April, the Turkish central bank banned cryptocurrency payments, thereby prohibiting local businesses from doing transactions involving the novel asset.
Uncertainty in the regulatory environment, unusually high volatility, and crime were mentioned as primary reasons for the decision. Erdogan asserted that the country “certainly” does not face any issue with the proliferation of digital assets.
Turkey, the president stated, would continue to use its own currency, which he believes is an integral aspect of the country’s national identity.
A digital lira is imminent.
Erdogan’s remarks came after the central bank launched a new platform in September for exploring and testing a digitalized version of the Turkish lira.
During the initial stage, the project will be subjected to restricted tests to ascertain its viability. The pilot phase’s outcomes will be announced next year. Erdogan’s Annual Presidential Program for 2019 included an investigation into the issuing of a CBDC.
Turks are cryptophiles.
Turkey’s economy, which has been ravaged by out-of-control inflation and currency depreciation, has continuously ranked among the top countries in terms of bitcoin adoption.
In late March, Google searches for the word “Bitcoin” increased by more than 500 percent after Erdogan’s sacking of the central bank chief caused the lira’s value to plummet by a startling 17 percent in a single day.
Given Erdogan’s inability to control decentralized cryptocurrencies, the president wishes to deter Turks from investing their resources in speculative assets.
Also Read: The Korean Government Declares Approval Of 28 Crypto Exchanges
Wallets