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The local media of Turkey says, according to the country’s president, Recep Erdoğan, crypto law is now ready and it’ll be sent to the Parliament with no setback.
He revealed the news in a recent meeting with economics journalists. In his speech, Erdoğan said people will see the guarantee of their money in the Central Bank.
The details of the prepared bill weren't disclosed. The Turkish president talked about cryptos disapprovingly before, saying the government had no plans to embrace the crypto sector. In his words, the country must advance with its currency (lira), which has its identity.
However, a crypto ban isn't expected. Previously the governor of Turkey's CB, Şahap Kavcıoğlu said that authorities were working on broader crypto rules, but there were no intentions for a ban.
Turkey’s CB disallowed crypto payments this April.
The popularity of crypto has been rising in Turkey, while the country faces financial challenges caused by the depreciation of lira. On Dec. 21, Reuters reported that daily crypto trades of Turkey surged above $1 M. Many people find crypto as a way to fight those issues. Lira started to recover and had its strongest week after the government presented state-backed market programs.