Turkish President Recep Tayyip Erdogan has clarified the government’s position on cryptocurrency, saying the country is at war with cryptocurrency. He stressed that Turkey will continue with its own currency.
A war and a struggle against cryptocurrency
Turkish President Recep Tayyip Erdogan answered some young people’s questions at a “meeting with youth” program with university students from 11 provinces. The incident took place in Mersin, a port city in southern Turkey and an important center of the country’s economy.
A young man in the audience asked President Erdogan: “My question is about cryptocurrency. Recently, the central bank established a digital Turkish lira platform. With this decision, is Turkey planning to open up to cryptocurrency?… We are curious about your idea.”
Note that “we have no problem opening cryptocurrencies,” Erdogan explained:
On the contrary, we have a separate war against them, a different struggle.
He made it clear that cryptocurrency would no longer receive “premium” treatment because Turkey would “run on its own currency.”
President Erdogan asked Binali Yaldaram, the deputy chairman of the Justice and Development Party (AK Party) and a former prime minister who took part in the youth program, about his views on cryptocurrency. “Did you say, Mr. Binali?” The president asked.
Unfortunately, cryptocurrency also opens the door to complaints. So, this is something that needs serious control.
He noted that there are “bad examples” involved in cryptocurrency. In August, for example, Turkish police launched an investigation into a Dogcoin investment scandal that stole from 1,500 investors, and earlier this year, two Turkish crypto exchanges were investigated for fraud.
“In the future, at your discretion,” Eldoram told Erdogan. “Some measures may need to be taken as a government, as a state, to prevent these abuses and mistakes. Studies on this have already begun.”
In April, the Turkish central bank issued a notice banning the use of cryptocurrencies to pay for goods and services. In July, the Turkish government said it was preparing a bill to regulate cryptocurrency.
What do you think of Turkish President Recep Tayyip Erdogan’s remarks? Let us know in the comments section below.
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