Turkey president says law to regulate cryptocurrencies ready

This can potentially help restore the falling value of the lira

25.12.2021 - 08:35

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1 min

What’s new? At a meeting with economists and business leaders, Turkish President Recep Tayyip Erdoğan said a law regulating cryptocurrencies is ready. According to him, the document will be sent to the Turkish parliament without delay. This is reported by ABC Gazetesi.

Information on the ABC Gazetesi website

What is the essence of the document? The law on cryptocurrencies will define the different types of digital assets and introduce measures to protect investors. The President expects Turkey to become one of the world's top 10 economies following the introduction of the new cryptocurrency law.

What had happened before? In December, Turkey's national currency collapsed to a record low against the dollar, losing more than 60% of its value in a single day.

In September, Erdoğan stated that Turkey is “at war” with cryptocurrencies. This unflattering statement caused a strong reaction in the local cryptocurrency community and then became a reason for gloating as the lira fell.

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