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.
Subscribe to ForkNews in Telegram to stay up to date with the latest news from the world of cryptocurrencies
You May Also Like
The Prosecutor General's Office proposed equating crypto to property
The Prosecutor General's Office considers it necessary to recognize cryptocurrency as property, which will allow it to be included in proceedings under the Criminal Code of Russia.
Three media companies will pay $539 million to settle SEC lawsuit
The Securities and Exchange Commission announced a fine of more than $500 million against the companies of Chinese businessman Guo Wengui.
