President Erdogan of Turkey has confirmed the finalization of a draft crypto law that is scheduled to be presented to the Parliament to be incorporated into the country’s mainstream.
President Erdogan announced intentions to introduce a new economic model at a press conference in Istanbul to combat the falling Turkish currency. Erdogan told NTV that the cryptocurrency bill is ready, adding:
Our team will tackle this issue and send the case to Parliament immediately.
Recognizing the recent spike in inflation, Erdogan claimed the event in the currency market is not a mathematical issue. It is more of a process suggesting a possibility of lira’s value rise:
We will take steps on this issue by sending it to Parliament without delay.
With the introduction of the latest cryptocurrency law, the president anticipates Turkey to be one of the top 10 economies around the globe. When he spoke about the increasing costs in the region, he announced plans to follow those who alter the names of price list planners several times per day. We’d like them to cut down on the price of dollars now, and he said he would do it now.
On November 23, Bitcoin owners in Turkey could avoid an imminent decline in their currency when the lira fell 15 per cent against the U.S. dollar in a single day.