Türkiye will go to war with bitcoin

Türkiye wants to strictly regulate cryptocurrencies while offering its own digital currency.

In crypto-currency, at present, is a concept, rather a split. There are those who love and those who hate. The same is true at the government level. Some have already adopted cryptocurrencies, sometimes making this or that corner in the corner, sometimes integrating cryptocurrencies into their public services. Others, on the contrary, want to control them as much as possible. Apparently, Turkey is moving in this direction.

Türkiye wants to regulate cryptocurrencies

Turkish President Recep Tayyip Erdogan recently announced the existence of a cryptocurrency account. The project, which “without delay”will be sent to the Turkish Parliament. President Erdogan already expressed his stance against cryptocurrencies months ago, even pointing out that his administration is at war with cryptocurrencies and will never support these digital currencies. Former Turkish Prime Minister Binali Yildirim described investing in bitcoin and cryptocurrencies in general as “selling a fictitious future.” So the goal is now very clear, these currencies need to be strictly regulated.

strictly by offering your own digital currency

Recep Tayyip Erdogan does not close the door to all cryptocurrencies, obviously: “we will continue to work with our own currency, which has its own identity.” This is understood as their own digital currency. The project has already been launched by the Central Bank of Turkey. But will this be enough to help the fiat currency and fight against a sustained inflation rate of 21.31% in November 2021? There is nothing less certain.

The war on cryptocurrencies is probably not the right solution to respond to the economic crisis in the country. This is more like a diversionary strategy, making citizens forget that inflation is just a consequence of the collapse of the traditional economic, monetary and financial system. With a decentralized infrastructure, cryptocurrencies can offer a real alternative. And this will not happen with a simple digital Turkish lira.

This bill, if passed by the Turkish parliament of course, could have some impact on the country’s crypto companies. In particular, we are thinking about Binance, which in 2020 forged a partnership with one of the largest banks in Turkey, Akbank. To be continued!