Turkish President Erdogan to Present Cryptocurrency Law to Parliament

Turkish President Recep Tayyip Erdoğan will send a cryptocurrency law to the country’s parliament, two publications, ABC Gazetesi and the Daily Sabbah reported on Friday.

“The law is ready, we will send it to Parliament soon and without delay,” Erdogan told reporters in Istanbul.

Bitcoin and other cryptocurrencies have become increasingly popular in Turkey, where inflation has skyrocketed and the country’s currency, the lira, hit record lows against the US dollar earlier this year. Many Turks saw cryptocurrencies as a way to fix these problems.

But the growing acceptance of cryptocurrency challenged the authoritarian Erdogan, who was seeking to strengthen the lira and support the struggling Turkish economy. In April, Turkey’s central bank said it was banning the use of cryptocurrencies for payments, although it is still legal to hold cryptocurrencies in the country.

At the time, Turkey’s central bank governor Şahap Kavcıoğlu said that the country’s Ministry of Finance and Finance was in the process of developing regulations on cryptocurrencies, but did not intend to ban them, according to the Daily Sabbah, a newspaper. official.

The lira rose about 20%, a day after Erdogan announced measures to protect lira deposits.

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