Turkish President Recep Erdogan said the country is launching a new economic model and, as a first step, will adopt a law on crypto assets and their use in the country.
At a meeting with representatives of the economic press in Dolmabahce, Erdogan said that the draft law on cryptocurrencies is ready to be submitted for discussion to the Turkish parliament. He expressed the hope that with the new economic model, the country will make a leap forward, and the adoption of the law on crypto-assets will facilitate their use in the country.
“We will take steps on this issue by immediately submitting the bill to parliament. Turkey will leap forward with a new economic model. We know there are risks, but there are also opportunities. And we should take this risk, ”Erdogan said.
The bill has not yet been published, and the Turkish President has not provided further details on its content. However, in his speech, Erdogan noted that “citizens will know that their money is guaranteed by the Central Bank.” Thus, the transition to a new economic model has been agreed and will be supported by the Central Bank of Turkey, which will become the regulator of cryptocurrency transactions.
The decision of the Turkish government came as a surprise to many cryptocurrency market participants, since in the past, both the government and the central bank of the country did not show a friendly attitude towards the industry. In April, the Central Bank said that crypto assets cannot be used directly or indirectly as a payment instrument.
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