Turkey Intends to Craft Broader Cryptocurrency Regulations Rather Calling a Ban


The recent decision of Turkey to ban Bitcoin and other digital currencies seemed to have hampered the people who love cryptocurrency in the region. However, in the recent statement coming from the Finance Ministry of the country, they are now planning to modify their decisions. As per the Central Bank Governor, Mr. Sahap Kavciglu claimed this Friday that the bank is not planning at all to ban the currency; on the contrary, they have plans to boost up the digital currency to a different level and leverage its growing power in the current market.

He was talking to one of the Turkish Broadcasters in his country, where he talked about how the two weeks back decision seemed to be a different story.

We have seen Central banking banning the use of digital currency for doing a number of payments considering that it can have several risks due to the volatile nature of the same in the market values.

The decision was published in the said bank’s official gazette wherein it claimed that digital currency and several other digital assets are seen based on a technology that works like a distributed ledger technology, and it can have its own implication when not properly used.

Thus these currencies should be used in any kind of direct or indirect payment options.

One can find Bitcoin to have reached the highest limit at the moment, with the current value exceeding 62K USD as compared to the dollar cost that has gone huge that has led the bank to announce the ban of the same, which seemed to be castigated like a key opposition party.

In the recent statement as issued by the central bank, one can find digital assets to be like a subject of any kind of regulation along with the supervision systems like the central regulatory authority that are seen acting like security risks.

In the said statement, the principal bank of the country claimed that the digital currency-based assets are not any subject of regulation, and so is the case with the systems involved that can be curbed under regulatory authority when we compare with other security risks.

A number of payment service providers that will help in developing a number of business models in the way that are seen coming under the digital assets that are seen directly or indirectly involved in giving away the provision of payment options that are seen coming up electronically using the money issuance and thus will offer any service claimed the statement.

Earlier this week, we saw the motor company Royal Motor distributing the luxury vehicles from brands like Rolls Royce along with Lotus that came into the country, and thus the money was accepted in the form of digital currency.

We even see the global giants like Expedia, Amazon, and Apple too are accepting their money using digital currencies.

So, when we see top technology players and other companies like Tesla Square Inc and many more other companies are accepting payments in the form of digital currencies, it is bound to see how things are getting shaped up.

However, this statement came from the Central Bank; we see the country’s law and order going against the use of digital currencies. Recently there were reports how the country had detained a number of people in connection with bitcoin and another digital currency trading;

These include the arrest of the founder of the company based in Albania, confirmed the Police. On the other hand, we see many of the people are still not regular in their work.

The reports suggested that the people from the Thodex platform were responsible for handling the day to day digital currency trade along with managing the worth checking where hundreds of millions of money is being exchanged on their website, and this led us to come under the scanner of the government leading the arrest.

However, this seems to be an interesting development, which otherwise takes a bit late in the market.

But as the central bank’s statement would go popular in the country, issues like these would settle down. After all, the bank is now interested in crafting things better in the direction of using bitcoin the right way.  You can check more on this on the portal to get instant access.

 

 

 

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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