Turkey will allow cryptocurrencies
26.04.2021 | auglovoi
The Turkish Central Bank has announced the introduction of a new law regulating cryptocurrencies in the next two weeks. At the same time, according to a representative of the national regulator, there will definitely not be a complete ban on free digital assets in the country. The Central Bank believes that drastic restrictions will not solve the issue of decentralized finance, but will only lead the industry into the shadows, thereby depriving the possibility of organic development of the economic system.
So far the details of the planned bill are not disclosed, but from the general information it is clear that, first of all, the legal status of bitcoin and other digital assets will be defined, as well as how companies should handle and store digital gold within the legal framework.
The regulator’s decision to regulate, instead of a complete ban, was prompted by a large outflow of capital from the country, a large share of which was sent via financial assets. However, the latter is only a guess by the regulator; the Central Bank has no exact data. The past decision to ban was due to the need to restore state authorities’ control over the country’s financial system, caused by the crisis in monetary policy and the sagging economy during the period of restrictions due to the coronavirus, as well as the ban on the movement between countries.