Turkish President Recep Tayyip Erdogan said the government is at war with cryptocurrencies.
The President emphasized that Türkiye does not intend to open the door to private digital currency, on the contrary, it will fight against it.
We will not offer them such a bonus. We will continue to follow the path with our own currency, as it is part of our national identity.
The Central Bank of Turkey introduced a ban on crypto payments in mid-April.
Despite the ban on crypto transactions for banks and companies, and the use of cryptocurrencies to pay for goods and services, investing in cryptocurrencies is completely legal in the country. Crypto exchanges in Turkey operate legally, albeit under strict regulatory oversight.
The rate of adoption of cryptocurrency among the local population is steadily increasing, and the country has one of the highest rates of cryptocurrency adoption in the world. In September 2020, Turkey ranked 29th in the Global Cryptocurrency Adoption Index and at the same time ranked first in the Middle East.
The reason for this popularity lies in the depreciation of the lira. Citizens invest in Bitcoin to preserve their capital and protect themselves from inflation.
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