\t\t\t\t\t\t\t\t\t\tKey facts: <\/p>\n
Currently, there are regulations that prevent the bitcoin industry from expanding in Turkey.<\/p>\n
Erdogan gives indications of intervention in the market to stop the devaluation of the lira. <\/p>\n
Bitcoin (BTC) and cryptocurrency exchange Binance was fined 8 million lira ($ 750,000) in Turkey for allegedly failing to comply with the Eurasian country\u2019s regulations. With this move, the government of President Recep Tayyip Erdo\u011fan seems to welcome regulations for crypto assets in its jurisdiction.<\/p>\n
As reported by the local media outlet, NTV, the law to regulate bitcoin is ready.<\/strong> \u201cWe will send it to parliament without delay,\u201d said the president on December 24. No details were provided yet on the aforementioned legislation, although events recently reported by CriptoNoticias may reveal where the regulations are heading.<\/p>\n In March of this year, amid a social and financial crisis in Turkey, the government banned the use of cryptocurrencies to make payments for goods and services.<\/p>\n \u201cPayment service providers will not be able to develop business models or provide any services related to these business models,\u201d stated a statement from the Central Bank at the time. The aim was to prevent \u201ccrypto assets from being used directly or indirectly in the provision of payment services and in the issuance of electronic money.\u201d<\/p>\n As if that wasn\u2019t enough, in September, he explicitly stated that he was \u201cin a war against bitcoin.\u201d On that occasion, Erdogan indicated that the State would take action to prevent the use of bitcoin from proliferating among the Turkish population.<\/p>\n Regarding the sanction against the company, the exchange Binance communicated that they work together with the Turkish state<\/strong> to create a sustainable, healthy and safe ecosystem.<\/p>\n In his recent statements on Christmas Eve, the Turkish president \u2013 in addition to informing the imminence of the law that will regulate the use of bitcoin \u2013 maintained that They will take measures to achieve the appreciation of the lira, the national currency of that country.<\/strong><\/p>\n Erdogan anticipates the imposition of a new economic model with \u201crisks and opportunities ahead.\u201d \u201cCitizens will see that the guarantee of their money is the Central Bank, the guarantor of the treasure,\u201d he explained.<\/p>\n On the devaluation of the lira \u2013 which has lost more than 85% of its value in the last 10 years \u2013 Erdogan issued reflections, which generate more doubts than certainties:<\/p>\n The exchange rate is not a question of mathematics. It is a matter of process. It flows in the bed of a stream. This is our understanding. With this understanding, we are thinking of channeling a dry spot. But the exchange rate will find its own price in the market. \u2018<\/p>\n Recep Tayyip Erdo\u011fan, President of Turkey.<\/p>\n<\/blockquote>\n It can be interpreted that, in some way, the Turkish government will put its hands in the foreign exchange market to direct it towards a certain point, although it would be the market itself that \u2013 as always happens \u2013 ends up deciding how much the lira is worth. Nothing that has not been tried before without success in many other countries.<\/p>\n<\/p><\/div>\nTurkey wants its national currency to appreciate<\/h2>\n
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The Turkish lira has lost more than 85% of its value (measured in dollars) in the last 10 years. Source: TradingView.<\/p>\n\n