Friday, July 1, 2022
About us | Contact
Blockzeit
  • bitcoinBitcoin(BTC)$19,443.671.24%
  • ethereumEthereum(ETH)$1,062.522.33%
  • binancecoinBNB(BNB)$215.451.10%
  • SolanaSolana(SOL)$32.390.49%
  • dogecoinDogecoin(DOGE)$0.0655370.41%
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
Blockzeit
No Result
View All Result
Home Trends
turkish lira currency banknotes bitcoin btc cryptocurrency coins turkey money 157195094

turkish lira currency banknotes bitcoin btc cryptocurrency coins turkey money 157195094

Turkey President: Crypto Law will Herald New Economic Model

Tom Nyarunda by Tom Nyarunda
December 27, 2021
in Trends
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

President Erdogan told reporters that once implemented, the crypto law will implement a new economic model that can potentially help recover the lira’s falling value.

Turkey’s proposed cryptocurrency bill will significantly benefit cryptocurrency enthusiasts in the country. In a press conference, Turkey President Recep Tayyip Erdogan said the Crypto Bill would prove to be a revolutionary step that will make a world of difference in the country’s cryptocurrency policy. As the first step, Erdogan hinted that he would touch the crypto industry by creating a law to promote their legal use in the country. He stated:

“We will take steps on this issue by sending (the bill) to Parliament without delay. Turkey will leap forward with its new economic model. It is worth taking these risks.”

The role of the Central Bank as a regulatory body

Acknowledging the country’s recent inflationary episode, Erdogan reiterated that the currency event was not related to mathematics but a matter of process, implying a possibility and potential of lira’s value growth. He added:

“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its price on the market.”

While the President didn’t give more details on the bill’s contents that are yet to be made public, it seems likely that the role of the Central Bank as a regulatory body for crypto-based transactions would be the focus of the proposed law. The implication would be that the law doesn’t leave a window open for certain banking services powered by crypto. This is a rather significant step, especially in the context of the collapse of the two major cryptocurrency exchanges in the country.

The increasing use of crypto by the Turks

The Turkish government hasn’t been precisely optimistic about cryptocurrencies in the past. It will be remembered that as late as September 2021, the President himself had mentioned that he wasn’t really into promoting the adoption of cryptocurrency. However, he wasn’t against taking steps towards softening the stringent laws. He said then:

“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.”

The game-changer that caused the change of heart is likely to be the fact that Turkey’s fiat currency received a hard blow as it faced one of the worst devaluations in history is one primary reason. Added to this is the increasing use of crypto by the Turks, who continue to exchange their liras for cryptocurrencies despite the government’s attempt to promote the former.

And since the adoption of the dollar is yet another hindrance to the country’s fiat currency, the use of a decentralized alternative to enhance the economy isn’t a bad idea after all. Also, considering that diplomatic relations with the U.S. are not at their best, using a decentralized alternative to improve the economy might not be such a “surprising” idea after all.

1a49ddd7 d169 48a0 a252 3fc3a2ad01bb 1
Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Previous Post

What Is NFT Art and How Does it Work?

Next Post

The “Most-Googled” Cryptocurrency Investment Questions Answered

Related Posts

Bear Markets

Bear Markets Turn Out To Be A Good Omen

by blockzeit
June 15, 2022
0

Financial markets often represent a headache for many investors due to their instability, regardless of whether it is traditional or...

Russia crypto

Russia Central Bank Governor Urges Central Bank to Ease up on Digital Currencies  

by Tom Nyarunda
April 22, 2022
0

The governor is concerned that the Bank of Russia is not treating digital asset projects with enough kindness to attract...

coinbase mastercard

MasterCard Files Patent to Process Card Payments in the Metaverse 

by Tom Nyarunda
April 12, 2022
0

MasterCard filed 15 crypto and metaverse-related trademark applications, suggesting it may be planning to create NFTs and virtual payment systems...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Buy Crypto
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

No Result
View All Result
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.