Turkish President Announces Encryption Bill Will Soon Be Submitted to Parliament
This article comes fromDecrypt, original author: Ekin Genç
Odaily Translator | Nian Yin Si Tang
Turkish President Recep Tayyip Erdoğan during a news conference in Istanbul on Fridayexpressexpress
"We will take immediate steps to submit (the draft bill) to parliament," Erdogan said. Although Erdogan did not reveal too many details this time, he had said in Septemberexpressexpress
, the government has "absolutely no intention of embracing cryptocurrencies."
Erdogan said at the time that the country would "move forward with our own currency, with its own identity".
Despite the strong language, no cryptocurrency ban is expected.Finance Minister Lütfi Elvan has alsoruled this out in May, he made the comments a month after two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, disappeared overnight. Customers of these exchanges do not have access to their funds,。
Estimates of the damage range from hundreds of millions to billions of dollars
Attorney Mertcan Bayraktar, who has represented multiple Thodex victims in court, told Decrypt that he does not think the Thodex-Vebitcoin scandal will affect the crypto act. He believes that the Turkish crypto bill will emphasize taxation and the legal status of cryptocurrency exchanges, such as whether they should be considered banks or exchanges.According to Bayraktar, the status of cryptocurrency exchanges is important because Turks are increasingly using cryptocurrencies to exchange Turkish lira for stablecoins pegged to the U.S. dollar.According to data from TradingView
According to foreign media on December 24to reportto report
In early December, the Governor of the Central Bank of Türkiyeexpressexpress
, foreign exchange reserves have entered a steady upward trend, and foreign exchange intervention can be carried out in the case of excessive foreign exchange fluctuations. Türkiye's central bank is disturbed by some cash flows to cryptocurrencies.
“While older Turks use banks and foreign exchange bureaus to buy dollars, crypto exchanges are very popular for those under 40 [to buy dollar-pegged stablecoins],” Bayraktar said. Seen as an online and convenient alternative platform to replace the old-fashioned exchanges".
He explained that cryptocurrency exchanges are open 24/7 and offer better rates than banks or foreign exchange bureaus when it comes to forex trading.But the Turkish government wants people to invest in the lira. this week itGovernment-backed savings accounts pegged to U.S. dollar prices launched
. The government hopes this will encourage people to stop favoring the dollar and just "HODL" the lira.
“Cryptocurrencies add another battle for the Turkish government,” Bayraktar added, “the Turkish lira always had fiat alternatives, and now there are fiat-pegged crypto alternatives in addition to bitcoin and altcoins.”
