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Turkish President Recep Tayyip Erdoğan has reportedly confirmed the completion of a crypto bill that will soon be shared with Parliament for general implementation in the country.
In an effort to counter the fall in the value of the Turkish lira, President Erdoğan announced his intention to implement a new business model at a press conference in Istanbul. As reported by local media NTV, Erdoğan said the cryptocurrency bill was ready, adding:
“We will take action on this issue by sending it to Parliament without delay.”
Acknowledging the country’s recent inflationary episode, Erdoğan said the monetary event is not related to mathematics but is a matter of process – implying the possibility and potential for growth in the value of the currency. delivered :
“With this understanding, we intend to channel it to a dry place. But the exchange rate will find its own price in the market.
With the introduction of the new crypto law, the president envisions Turkey becoming one of the 10 largest economies in the world. Speaking about the rising prices in the region, he shared his intention to follow people who change the labels of price list organizers several times a day. “We want them to reduce increases in the dollar now,” he concluded.
Related: Bitcoin Reaches New High In Turkey As Fiat Pound In Freefall
On November 23, Bitcoin holders in Turkey avoided a collapse in their currency as the pound lost 15% against the US dollar in a single day.
1-day BTC / TRY candle chart (Binance). Source: TradingView
As Cointelegraph reported, the fall in fiat currency took Bitcoin (BTC) to a new all-time high against the Turkish lira. The BTC / TRY trading pair reached 723,329 Turkish Lira on Binance.
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