• December 25, 2021

As a crypto regulator fines Binance 8 million lira, Turkish President Erdogan claims that a cryptocurrency law is ready.

Recep Tayyip Erdoan, Turkey's president, will send a crypto law to the country's parliament, ABC Gazetesi and the Daily Sabbah, two European publications, reported on Friday.

  • Erdogan told journalists in Istanbul, "The law is ready, and we will transmit it to the Parliament as soon as possible,” according to the ABC Gazetesi.
  • In Turkey, where inflation has surged and the country's currency, the lira, hit record lows versus the US dollar earlier this year, bitcoin and other cryptocurrencies have grown in popularity. Many people perceive cryptocurrency as a solution to get around these problems.
  • The autocratic Erdogan, who has been trying to strengthen the lira and boost Turkey's faltering economy, has been challenged by the growing acceptance. Turkey's central bank announced in April that it will prohibit the use of cryptocurrency for payments, however it is still legal to own cryptocurrency in the country.
  • Turkey's central bank governor, Şahap Kavcıoğlu,  stated at the time that the country's Treasury and Finance Ministry was working on cryptocurrency rules but did not aim to prohibit them, according to the pro-government Daily Sabbah.
  • On Tuesday, the lira gained almost 20% as Erdogan announced measures to preserve lira deposits.