Turkey President Says ‘No’ to Crypto!

Turkey President Says ‘No’ to Crypto!
  • Turkey President Erdogan terms the nation is against cryptocurrency.
  • Former Prime minister states crypto leads to grievances.
  • Turkey plans to restrict crypto and initiate new regulations upon it.

Turkey being a country full of promises, however is not so fair when it comes to its crypto industry. Besides being a well developed nation of the Ottomans, Turkey seems to avoid cryptocurrencies since long back. 

Furthermore, the interview took place in Mersin port city of Southern Turkey, which was actually a program for the youth, ‘Meeting with Youth’. This program saw students from various universities across the country in a meeting with the President and other higher officials of the nation. 

Besides the president being bombarded with numerous questions, one student asked the President regarding  the future of cryptocurrency in Turkey. This question is in contradiction as true to the fact that the Central Bank of Turkey  launched the Lira platform, for cryptocurrency of its own. In spite of this, the President and the officials gave their views evidently to surprise. 

The President’s Statements

Accordingly, the President of Turkey, Reccep Tayyip Erdogan expresses that the whole nation is against crypto and in a profuse war with it for a long time. 

Also, he adds the nation is in a complete struggle with the crypto industry. Moreover, such an abrupt answer gave all the students a thrill as they expected quite a different answer from the President.

Furthermore, the President took upon the former prime minister and deputy chairman of the Justice and Development party, Binali Yildirim to comment his opinions on cryptocurrency.

Former Prime Minister’s Comments

In spite of this, Binali Yildirim states that the crypto industry is nothing but full of grievances and bad remarks. Also, he adds that the crypto industry of the nation has to be controlled adversely. 

In addition, he points out various instances when various fraud and scams upon the crypto exchanges took place. This contradicts the scams of crypto exchanges of Turkey such as the Thodex and Vebitcoin, and both these exchanges are shut down now.

Also, he pointed out the Dogecoin (DOGE) investment scam, which led to the loss of assets of nearly 1500 investors.

Moreover, he states the government has to take certain actions and decisions upon the crypto industry. Accordingly, it’s already known that the Turkish government is in preparation and development of its rules and regulations for the crypto industry.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.