Once applied, the cryptocurrency law will launch a new economic model that can help to recover the fall in the value of the lira.
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The President of Turkey, Recep Tayyip Erdoğan, has confirmed the completion of a cryptocurrency bill that will soon be shared with Parliament for widespread application in the country.
In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to to implement a new economic model while speaking at a press conference in Istanbul. As reported local media outlet NTV, E rdoğan said the cryptocurrency bill is ready, and added:
“We will take action on this by sending it to Parliament without delay.”
Acknowledging the recent inflationary episode in the country, Erdoğan said that the coin event is not related to mathematics, but rather a matter of process – implying a possibility and potential for growth of the value of the lira:
“With this understanding, we intend to steer it towards a dry point. But the exchange rate will find its own price in the market.”
With the introduction of the new cryptocurrency law, the President envisions that Turkey will become one of the 10 largest economies in the world. Regarding the increase in prices in the region, he shared his plans to follow the people who change the labels of the price list organizers several times a day. “We want the dollar gains to go down now,” concluded.
On November 23, Bitcoin holders in Turkey avoided an accelerated collapse of the currency, already that the lira lost 15% against the US dollar in a single day.
As Cointelegraph reported, the fiat currency crash caused Bitcoin ( BTC ) hit a new all-time high against the Turkish lira. The BTC / TRY trading pair reached 723,329 Turkish liras on Binance.
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- Bitcoin in the eye of the hurricane after the leader of the Turkish opposition came to its defense
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