President Erdogan  Against Cryptocurrencies

The President of Tukrey, Recep Tayyip Erdogan, rejects the idea of accepting crypto and declares an all out war on digital coins. While hosting a government organized Q&A event in Mersin, a young member from the audience asked the President whether the Central Bank of Turkey intends to accept cryptocurrencies.

Specifically, the young man addressed the Digital Turkish Lira platform that the government revealed just last week. Considering that Turkey is pro blockchain, one would think that applies to cryto as well. Especially if you consider that several crypto-exchanges already operate in Turkey, such as Binance for example. However, the situation is quite the opposite.

Not only President Erdogan rejects the idea of accepting crypto, but he also announces a ‘special’ type of warfare against these digital assets. A stance backed by the deputy leader of the Ak Party in Turkey, Binali Yildrim. Moreover, he views the matter as ‘it’s like a sale of fictive future’, and as such believes that crypto requires strict regulations.

While many believed Turkey to be a crypto hub with unlimited potential, the words of President Erdogan tell a different story.

Turkey’s Very Own Central Bank Digital Currency

This news comes after the central bank of Turkey outright banned all crypto payments. More specifically, it issued limits on a vast spectrum of financial services that crypto businesses use. However, the Turkish parliament is yet to vote and pass this regulatory and supervisory bill.

Many experts have just the idea of where this situation is heading. Particularly if we take into account that the government Turkey just last week said it will create its own cryptocurrency. In order to create the country’s first ever CBDC (central bank digital currency), Turkey will turn to three Turkish companies.

Havelsan, system and software developer, Aselsan, defense corporation and Informatics and Information Security Research Center, TÜBİTAK. Consequently, the Turkish government plans to test the CBDC towards the end of 2021.

And just as we await to see what type of war the President Erdogan of Turkey will wage against crypto, so does the public awaits the results from the CBDC tests. For now, all we know is that the Central Bank of Turkey plans to reveal the testing results in early 2022, and that is it. For everything else, we are going to have to wait and see.