The Turkish Parliament is set to discuss and debate the crypto law. President Recep Tayyip Erdogan told the local Turkish media that the law is ready and it will be sent to the parliament without delay.
This comes after the Lira declined further on December 19 and rampant inflation. Economists believe Erdogan’s Islamic-fused experiments with the rapidly depreciating currency could push the consumer inflation 30% higher. This has driven the Turks to look at alternatives such as cryptocurrency.
Reports say the crypto boom in Turkey gained pace as investors joined the global Bitcoin rally. As the lira continues to tumble, the Turks have set their hopes up high to gain from the crypto’s rise.
Taking note of the popularity of digital assets in the country, Sahap Kavcioglu, the Governor of Turkey’s Central Bank (CBRT) said they are working on wider regulations. However, highlighted that they did not intend to ban cryptocurrencies.
Through the crypto law, Erdogan wants to push Turkey among the 10 largest economies in the world. Experts believe the crypto law to part and parcel of Erdogan’s economic war of independence. The Turkish President wants to eliminate the country’s reliance on foreign direct investment.
Furthermore, this is also regarded as the government’s olive branch to Turkey’s business leaders who have condemned Erdogan’s recent monetary policy. The TUSIAD, in a letter, had said that the government’s policies were creating new economic problems for everyone.
Erdogan assured the people of Turkey that stabilization in the value of foreign currencies against the lira will be realized soon. The president emphasized the government’s commitment to free-market principles. He said Turkey will not step back from its principles