Turkish President says they are at War Against Crypto

The President of Turkey said that they are set to war against crypto and they will rely on their own fiat currency. 

Regulatory uncertainty is extremely high in Turkey over crypto adoption. Because of high volatility and use of crypto in illicit activities, the government of Turkey imposed a ban on the financial institutions of Turkey to give their services or any kind of help for the crypto companies. And this announcement of a banking ban for crypto was made in mid of April 2021. Now most of the citizens of Turkey rely on P2P trading for their crypto trade. 

In a meeting on 18 September with the 81 provinces’ students in Mersin City, Recep Tayyip Erdogan, President of Turkey said that Turkey is at war with crypto. 

This statement of Turkey’s president is coming after a recent announcement of the Central Bank, which announced that they set up a digital version of Turkish Lira ( local fiat currency of Turkey). Right now, testing and research is going on the digital lira. And also the Central Bank expects that they will announce the pilot phase of digital lira by next year.

Turkey’s president said that they don’t need crypto and the country will go on its own fiat currency lira. And also added that they don’t have any problem with digital assets growth. 

Statements from the officials of Turkey didn’t announce the ban on crypto, there are huge chances that high restrictions are possible in future. Or they will allow crypto with high regulation under high taxation. But here we should not consider the statement of Turkey’s president as an indication of a ban on crypto because opinions and decisions of a particular person are not enough.

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