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Turkey Inflation Data Shows Annual 70% CPI Increase, Bitcoin Fixes This

05/05/2022 by Idelto Editor

Data analyzed by the Turkish Statistical Institute shows hyperinflation reaching as high as 105% for transportation costs as the Lira continues to diminish.

  • Turkey released data analyzed by the Turkish Statistical Institute showing 70% CPI annual inflation.
  • Transportation costs suffered the highest annual increase with 105% inflation.
  • The month-over-month data shows a CPI increase of 7.25%.

Turkey released inflation data analyzed by the Turkish Statistical Institute showing inflation is at a two-decade high with the consumer-price-index (CPI) rising almost 70%, which is a problem bitcoin can fix.

Transportation, which would include the prices of fuel, suffered an annual rise of 105.86%. Meanwhile, food and nonalcoholic beverages rose 89.10%, paired with a 77.64% annual increase for furnishings and household equipment. These were among the highest vectors reported, but even the lowest numbers are staggering.

Citizens of Turkey experienced annual increases of 35% for healthcare, 27% for education, 26% for clothing and footwear, and 18.71% in communication. These were among the main groups of goods and services that experienced the lowest amounts of inflation.

The lira’s month-over-month inflation rate saw a 7.25% increase. Turkey’s local currency has been in freefall for some time as President Recep Erdogan refrains from increasing interest rates, which is a standard tool used by central banks to lessen the burden of inflation.

Erdogan has reportedly referred to raising interest rates as “the mother and father of all evil,” according to BBC.

This issue of inflation data failing to be accurate was pointed out by the pro-bitcoin CEO of MicroStrategy, Michael Saylor when he stated:

“Inflation is a vector. A scalar index can be biased by choosing certain items. Your index assumes human beings don’t need food, energy, or home ownership, nor desire assets such as property, equity, bonds, or commodities.”

Bitcoin seeks to restore economies by separating economic controls from centralized entities who artificially increase the money supply to benefit their own regimes through a permissionless, peer-to-peer protocol that does not allow malicious practices commonly witnessed on the world stage.

Filed Under: Bitcoin, Bitcoin Magazine, CPI, English, inflation, Markets, News, Turkey

Study: Switzerland Has ‘the Most Profitable Bitcoin Traders’ Worldwide, While France ‘Is the Best Bitcoin Trading Nation’

20/04/2022 by Idelto Editor

According to a recent study published by the online investing news and education platform Invezz, Switzerland currently has the most profitable bitcoin traders worldwide. That’s according to data stemming from Chainalysis, Worldometers, and Triple A, which helped Invezz assign each country a score in terms of the most profitable bitcoin trading by country.

Researchers Rank the Best Bitcoin Trading Nations and the Most Profitable Bitcoin Traders by Country


This week, invezz.com researchers published a study that looks at the most profitable bitcoin traders by country by leveraging statistics from multiple datasets. The study’s author Dan Ashmore explained one dataset stemmed from Chainalysis, which shows the top 25 countries in the world by realized bitcoin (BTC) gains in 2020.

This served as the study’s backdrop, as the invezz.com research team also utilized statistics from Worldometers and Triple A. While the data shows Switzerland currently has the most profitable bitcoin traders worldwide, France is the top country in terms of “the best bitcoin trading nation.”

“[France] ranked 12th in the percentage of the country invested in crypto (3.3%), but an impressive third and eighth respectively in bitcoin gains per capita and bitcoin gains per investor, at $275 and $13 respectively,” Ashmore’s report explains. “While a lot of other countries placed well in certain categories, France was the only country to be above average in all three metrics.”

Invezz.com Study: ‘France Claims the Title of Best Bitcoin Traders, Switzerland Has the Most Profitable Traders at $1,268 of Gains per Investor’


Following France on the list of countries, the Czech Republic and Belgium are second and third in terms of the best bitcoin trading nations. Then there’s Canada, Netherlands, Switzerland, Germany, Australia, United Kingdom, United States, Spain, Japan, Ukraine, South Korea, and Italy respectively. Other notable countries included Argentina, Vietnam, Poland, Russia, Thailand, Brazil, Turkey, and India. Out of all the countries listed, Switzerland’s bitcoin traders ruled the roost as far as BTC gains are concerned.

“Switzerland has the most profitable traders at $1,268 of gains per investor, however with only 1.8% of the country invested in crypto, they get knocked down to a sixth-place finish. The Czech Republic is similar,” the invezz.com study details. But both Switzerland and the Czech Republic are much lower on the list than France for specific reasons. “Switzerland and Czech Republic ranking 23rd and 21st respectively, out of 24 countries, for the percentage of population invested in crypto (1.8% and 2.2%), [it] ultimately kills their chances,” Ashmore’s report says. The invezz.com researcher concludes:

It is France [that claims] the title of best bitcoin traders. But there must be something in the water in mainland Europe, because their dominance of the top of the table is clear.


What do you think about invezz.com’s study and the results that show the most profitable bitcoin traders by country? Let us know what you think about this subject in the comments section below.

Filed Under: Argentina, Australia, belgium, Brazil, Canada, Czech Republic, Dan Ashmore, English, France bitcoin traders, France bitcoin trading, Germany, India, invezz.com researcher, invezz.com researchers, invezz.com study, Italy, Japan, Netherlands, News, News Bitcoin, Poland, Russia, South Korea, Spain, Switzerland, Switzerland bitcoin traders, thailand, Turkey, Ukraine, United Kingdom, United States, Vietnam

The Turkish Lira’s Freefall And The Bitcoin Parachute

01/04/2022 by Idelto Editor

As the national currency of Turkey continues to plummet, Bitcoin represents an escape hatch for citizens looking to preserve wealth.

2021 was a rough year for the people of Turkey, as the country experienced rapid devaluation of its currency, the lira. Things haven’t improved in 2022 as the lira has suffered since Russia invaded Ukraine as sanctions and export bans have resulted in soaring commodity prices. According to official government reports, Turks are now suffering from 54.4% year-over-year (YoY) inflation, the highest in 20 years.

Annual Turkey Inflation Rate

The central bank estimates that inflation will only be 23.2% YoY by year-end, but that estimation was made assuming the price of crude oil would be around $80 per barrel. The outbreak of war has caused the price of oil to spike well above $100 at the time of writing. Soaring commodity prices from the war likely mean the central bank is underestimating year-end inflation. To put things into perspective, Russia and Ukraine supplied 80% of Turkey’s $4 billion grain imports last year. If the price of that one single commodity increases drastically, that alone could cause Turkey’s inflation rate to rise.

The purchasing power of the lira is tragically vanishing right before Turkish citizens’ eyes. But the truth is, this currency crisis has been developing for a long time now.

Over the last five years, the lira has lost 75.57% of its value against the U.S. dollar.

Source: Tradingview

How Did Turkey Get Here?

To put it simply, since 2012, Turkey has suffered from taking on a large debt burden coming out of the Great Recession, political instability that led to a failed coup d’état in 2016 and U.S. sanctions and tariffs on its steel and aluminum industries further damaged its economy.

Here’s a helpful timeline of events to get a sense of what Turkey’s last decade has been like:

All of these events have culminated in what is unfolding today with the collapsing lira. Over the last two years, we’ve witnessed all of the telltale signs of what happens when a currency collapses and how a government and central bank attempt to save it.

The Central Bank of the Republic of Turkey (CBRT) and President Tayyip Erdoğan appear desperate in their efforts to try to combat soaring inflation and stabilize the lira. In the past year, we saw them attempt every tactic in the government playbook to fight inflation.

Here are eight ways that Turkish authorities have tried to combat inflation so far:

1. Implementing Price Controls

El Flaco 🌋🇳🇮⚡ on Twitter: “How Turkey fights consumer price inflation: Authorities go to supermarkets, check prices and threaten fines if prices are ‘too high’” / Twitter

One example of this price fixing is with bread and Turkish bakeries. The Chamber of Bakeries fixed the price of bread, but now the bakeries are warning that bankruptcy looms as they are forced to adhere to the government’s price fixing while their sales are down.

2. Pleading With Turkish Citizens To Sell Gold/Dollar Holdings To Support The Lira

“I ask my citizens to invest their foreign currencies and gold in various financial institutions and bring those assets into the economy and production.” — President Tayyip Erdoğan, March 24, 2021, in a speech at the Congress of the ruling AKP

In a last-ditch effort to stop Turkish citizens from fleeing the lira and finding protection elsewhere, President Erdoğan has tried, on multiple occasions, to encourage them to hold on to their freefalling liras in the name of national pride.

The government recently announced a new gold conversion deposit account that promises “risk-free income” in order to encourage people to bring their “under-the-mattress” gold into the banking system.

3. Depleting Foreign Currency Reserves To Prop Up The Lira

In mid-January, the Turkish central bank’s foreign currency reserves dropped to their lowest level since 2002, to $7.54 billion dollars. This means that since November 2021, approximately 75% of the central bank’s FX (foriegn exchange) reserves had been sold off to support the lira. Since those January lows, Turkey’s FX reserves have surged back after the central bank made some swap deals with the United Arab Emirates.

Goldman Sachs estimates that the nation’s gross FX reserves fell around $20 billion in December 2021 alone due to central bank currency interventions.

President Erdoğan has been selling his country’s FX reserves at a rapid pace to prop up the falling lira.

4. Demanding Exporters Convert 25% Of Income To Liras

This measure is aimed at boosting Turkey’s currency reserves by forcing companies to keep some of their revenues from their sales abroad in liras. These actions are an attempt to stop companies from selling their liras for stronger foreign currencies.

5. Increasing The Minimum Wage By 50%

To ease public discontent, President Erdoğan increased the minimum wage by 50%, the highest raise in the 50 years. Higher wages definitely help those suffering on the ground, but there’s also a risk of higher wages leading to even more inflation, bankruptcies, and unemployment as businesses face increased labor costs.

6. Injecting State Banks With Capital To Boost Lending

Turkey’s Sovereign Wealth Fund recently injected $2 billion into two of the largest Turkish banks to help improve their balance sheets and stimulate lending to corporations.

It also followed that capital injection with an additional $1.6 billion injection into its largest lender, T.C. Ziratt Bankasi to “strengthen the capital of state banks and improve their lending power.”

The government is attempting to keep credit flowing in its banking system by injecting them with cash to make up for the eroding lira on their balance sheets.

7. Providing State-Protected Lira Accounts

To combat investors hoarding dollars to protect themselves, the Central Bank of Turkey announced that they would support accounts that converted foreign currencies to liras. Essentially the central bank is offering protection to accounts that are converted to liras by covering any changes in interest rates or exchange rates from when the conversion happens.

This strategy has resulted in favorable results for the central bank as Turks have flocked to the protected lira accounts. Funds have steadily flowed into these “FX-protected accounts,” reaching 290 billion liras ($21.4 billion).

This new strategy has successfully resulted in local investors reducing their dollar and euro deposits by nearly $11 billion since the FX-protected accounts began back in December 2021. Time will tell if this savings scheme can continue to attract local investors to hold liras instead of other assets and foreign currencies.

8. Refusing To Raise Interest Rates Despite The High-Inflation Environment

Contrary to the traditional practice of central banks, President Erdoğan has not raised interest rates in response to inflation and instead has cut interest rates in the face of inflation.

In many cases historically, this has only led to more inflation. Additionally, he has fired multiple central bank governors whose policies started to raise interest rates. President Erdoğan fired four central bank policymakers in a two-month span back in the spring of 2021 alone.

Whereas other central banks are raising interest rates to combat inflation, President Erdoğan has refused to. He has kept its benchmark rate unchanged in spite of rapid inflation for the last two months.

Turkey’s real yield now stands at negative 34.7%, the lowest amongst emerging markets by a large margin.

Source: Central Banks, Bloomberg. Data as of 02/17/22

Turkey’s key interest rate, the one-week repo rate, remains at 14%, down 3% over the last year.

Despite all of these efforts by Turkish authorities, inflation continues to soar and the lira continues to lose its purchasing power. As of last week, Erdoğan is now blaming inflation, not on his policies, but rather “foreign financial tools” and bad statistics. Erdoğan recently fired the president of the Turkish Statistical Institute after his statistical analysis showed inflation was still on the rise.

All in all, this Turkish inflation train doesn’t appear to be stopping anytime soon. All of the central bank and government’s attempts to stem the inflation have done nothing to stop the lira’s freefall, and now a war has unfortunately broken out in their region, worsening the inflation picture even more.

A Fiat Crisis Unlike Others

From a Western perspective, it’s easy to look at what’s happening in Turkey and see just another emerging market on the other side of the world suffering a currency crisis like Argentina or Venezuela, but this is very different.

Turkey dwarfs those other countries in gross domestic production (GDP), population and global trade. We haven’t seen a country with an economy of this size go through a currency crisis like this in a long time, and we definitely haven’t seen a fiat currency of this size inflate like this in Bitcoin’s lifetime.

Today, Turkey has a population of around 84 million people. It is the 21st largest economy in the world in terms of nominal GDP, and the 11th largest economy in terms of GDP by purchasing power parity (PPP).

Recently, Turkey’s exports broke a record of over $225 billion dollars, and Turkey’s share in global exports surpassed 1% of total exports for the first time in history. Turkey currently is the sixth largest trading partner to Europe and the 32nd largest trading partner to the United States. Its main exports are vehicles, machinery parts, steel, iron and textiles.

Leading 20 Export Commodities Of Turkey In 2020, By Value (In USD Billions)

Source: Statistica

The point I’m trying to make here is that Turkey is not some small, inconsequential country. It’s a large, extremely important member of the global economy and a vital trade partner for all of Europe and abroad.

The rapid inflation of the lira is, therefore, one of the biggest opportunities yet for Bitcoin to prove its use case on the world stage as a censorship-resistant money that no one can debase – money that can find product-market fit specifically in countries like Turkey where the local currency is losing its purchasing power at an alarming rate. Sadly, for the people on the ground in Turkey, the red-hot inflation is starting to feel very real.

What’s It Like On The Ground?

From speaking with some friends and colleagues on the ground, it sounds like what you’d expect to hear in the early stages of a hyperinflationary event. Everyone is telling me how they and others are trying to find ways to protect themselves against the rising inflation, and that they are struggling to make ends meet.

The rising cost of living has made everything more expensive for the ordinary Turkish person. Grocery prices are rising almost daily, forcing grocery store chains to put quotas on items like flour, oil and milk.

There are multiple reports of food shortages across the country. Recently a two liters per family monthly limit was put in place on sunflower oil.

Food shortages: In Turkey, sunflower oil will be limited to 2 liters per family per month starting next week.

Ukraine is one of the largest exporters of sunflower oil.

Sound ONhttps://t.co/bwoHh5LmE3 pic.twitter.com/y7BONNAGHt

— Wall Street Silver (@WallStreetSilv) March 13, 2022

The government denied these shortages only to later ban exports of oils and margarine due to “domestic demand issues and problems with price movements.”

Bread lines are becoming a more common occurrence, as The New York Times reports shows in this article.

At the start of the year, the state raised electricity and natural gas tariffs that some estimate could raise household energy costs by up to 130%. Mind you this was before the war between Russia and Ukraine caused oil prices to spike.

The rising inflation has also resulted in soaring rent prices across the country. Rent prices increased some 60% in some districts of Istanbul this year. Turkish students are struggling to afford rent and have taken to the streets to protest by sleeping in parks to highlight their struggles.

Another friend explained to me how restaurants in Turkey for the first time started requiring a minimum dollar amount before customers were allowed to sit down and also started charging customers by the hour to use a heating lamp due to the rising energy costs.

In addition to the rising cost of living, locals also have to deal with opportunistic foreigners. Foreigners from neighboring countries like Bulgaria have been crossing the border to take advantage of the lira’s struggles by using their stronger currencies to clear out grocery stores. They pack their cars full of goods they purchase for cheap and then return home with their bounty. Turkey’s wealth is being pillaged by foreigners, adding pressure on ordinary Turkish people who are already struggling to afford food, housing and other essentials.

https://twitter.com/1e9petrichor/status/1467634582526779405?s=20

All of these developments have led to anger and desperation amongst the people of Turkey. As their savings continue to evaporate, they have taken to the streets to protest against their president’s economic policies and their wages.

Over 13,000 Turkish workers from 61 companies have gone on strike demanding higher wages according to independent researcher Labor Studies Group.

Some of the strikes have been successful and received up to 30% real wage increases, but even that didn’t keep up with the rising cost of living.

Last month, thousands marched in Istanbul to raise their voice against the direction of their economy and their country. This is what happens when money dies. When people’s life savings are destroyed and they are finding it harder to afford necessities, the only thing left to do is take to the streets and demand change.

WATCH: Massive protest in Mersin, Turkey against Erdogan and his govt's economic policies. pic.twitter.com/WBeppxSclP

— Insider Paper (@TheInsiderPaper) December 4, 2021

How Are The People Of Turkey Protecting Themselves?

Much to the dismay of President Erdoğan, the people of Turkey did not heed his call to sell all of their gold and dollar holdings to protect the falling lira. The Turkish people are instead seeking refuge from the inflating lira in various stores of value like real estate, gold, dollars and bitcoin.

An Istanbul-based research company, Aksoy Research, recently took a poll and asked the people of Turkey, “If you had an extra 10,000 liras, which one would you invest in?”

The results were only 11.4% of respondents said they would keep their savings in the lira. The rest of the poll results were the following:

  • 39.6% said they would invest in gold
  • 18.9% said they would hold dollars
  • 14.3% said they would hold cryptocurrencies

This poll corroborates some of the stories I’ve heard and data I’ve seen that shows a rush to dollars and gold amidst the lira’s turmoil.

Foreign-currency deposits in Turkey hit a record high of $239 billion dollars at the start of the year.

Data as of 01/04/22

This increasing dollarization in Turkey shouldn’t surprise anyone because dollars offer short-term stability for these individuals to pay their bills each month amidst the rising inflation. Turkey also imports most of its energy needs, which are priced in dollars, and also gorged on dollar-denominated debt coming out of the Great Recession. Both of these factors have contributed to the increased dollarization of Turkey’s economy over the last decade.

In Turkey, gold has been the preferred “under-the-mattress” protection from inflation for many generations. Gold has a central place in Turkish customs often given as gifts from births to weddings. Over the last couple of years, we’ve seen a gold rush occurring as Turks saw the writing on the wall with their inflating lira and sought refuge in gold.

Since 2020, Turkish firms and retail investors have more than tripled their gold holdings to $36 billion. This is in addition to the gold that Turkish households hold at home which their government now estimates to be around 5,000 tons of gold worth between 250-350 billion dollars.

The rush to gold and dollars is to be expected, and lately, we’ve seen gold prices continue to spike in the Turkish market. However, one of the most interesting developments throughout this inflationary episode is that Turks are turning more and more towards bitcoin as a way to preserve their wealth against their currency’s debasement.

A report from the Wall Street Journal found that the dollar value of cryptocurrency trading volumes is up, and so too are online searches for “bitcoin.” Turks are beginning to embrace bitcoin and stablecoins, such as tether, as hedges against inflation in their time of need. Bitcoin is offering some people hope as they search for places to store their wealth outside the faltering Turkish banking system.

The Bitcoin Parachute

The fall of the Turkish lira is a prime example of why, 13 years ago, Satoshi invented Bitcoin. Embedded in the Bitcoin network genesis block, Satoshi sent a message that this creation was a possible solution to central banking and the easy money policies plaguing the world.

Today, we are seeing Satoshi’s vision be realized as Turks are starting to use bitcoin for its intended purpose — a non-governmental money that preserves wealth, and cannot be controlled or corrupted.

Before bitcoin, the people of Turkey would have had to resort to only using gold and dollars to protect themselves against their central bankers and government policies. Now a new solution exists that can be accessed by anyone with a smartphone and internet connection.

Unlike gold and the dollar, a Turkish individual does not need to trust a third party to gain access to this wealth-preserving asset. No longer do they need to have a bank account to protect themselves against inflation. On top of that, unlike gold and the dollar, bitcoin cannot be easily seized by authorities as we’ve seen countries do in the past during periods of financial crises.

Bitcoin also has the added benefit of appreciating in value over time due to its inelastic supply and its network effect. Two years ago, if a Turkish citizen decided to save in bitcoin instead of gold, liras, or dollars, their purchasing power would have increased dramatically during a time period where the lira lost over 50% against the dollar.

For the last two years, bitcoin has outperformed the Turkish lira by 768.40% compared to the dollar (104.25%) and gold (132.95%):

Source: Tradingview

As the lira has inflated, the good news is the people of Turkey understood how to protect themselves in part because older generations have suffered inflation like this before in the late 1990s. Turks have sought refuge from inflation in assets like real estate, equities, gold, dollars and, for the first time, bitcoin.

Back in November 2021, President Erdoğan famously declared war on bitcoin. The thought of a president declaring war against a decentralized digital ledger was comical, to say the least. Fast-forward to today, and it appears the Turkish president might already be waving the white flag in his war against bitcoin. After El Salvador President Nayib Bukelye visited with the Turkish President back in January, President Erdoğan advised the country’s ruling Justice and Development Party to closely examine bitcoin’s potential use and to organize an upcoming forum on the subject.

These recent developments give me hope for the people of Turkey. What lifts my spirits is knowing that bitcoin exists today as a parachute for them to escape their freefalling lira. Bitcoin is offering the people of Turkey a flicker of hope in dark times. It’s stories like the ones above that remind me of why I’ve dedicated every day of my life to making bitcoin more accessible to people all over the world suffering similar fates to those of the people of Turkey.

Today, I’m feeling optimistic. The sticker below, seen on the streets of Istanbul, says it better than I ever could:

(source: @BTCSTREETART)

Now that we’ve entered the age of Bitcoin, citizens all over the world have an alternative to turn to in order to protect their wealth against the detrimental effects of inflation.

This is a guest post by Sam Callahan from Swan Bitcoin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Filed Under: Bitcoin Magazine, English, inflation, Markets, Marty's Bent, Money Printing, Opinion, Sound Money, Turkey

Turkey’s President Erdogan Instructs Ruling Party to Study Cryptocurrency, Metaverse

28/01/2022 by Idelto Editor

Turkey's President Erdogan Instructs Ruling Party to Study Cryptocurrency, Metaverse

The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan.

Turkish President Wants the Ruling Party to Study Crypto and the Metaverse


Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship.

The Justice and Development Party (AK Party) is the largest party in Turkey, and President Erdoğan is its current leader.

During the meeting, President Erdoğan directed the AK Party to analyze new developments, including cryptocurrency and the metaverse, local media reported Wednesday. He also instructed the party members to organize a forum to focus on these areas. President Erdoğan reportedly said at the meeting:

It is a sensitive subject. A good and meticulous study should be done.

AK Party spokesperson Ömer Çelik, a former Turkish Minister of European Union Affairs, explained that there are many issues that directly affect people’s lives and the economy. “When all these issues are discussed, it will be seen that there are some threats as well as benefits. All of these need to be regulated legally,” he emphasized, elaborating:

The president has also given instructions regarding the study of the legal infrastructure of these issues.


Stating that cryptocurrencies and the metaverse should be followed closely, Ömer Çelik added: “A forum will be held in the near future under the chairmanship of our president. The technological, philosophical, political, and economic dimensions of these concepts (cryptocurrency and metaverse) will be comprehensively discussed.”

What do you think about Turkish President Erdoğan instructing the ruling party to study crypto and the metaverse? Let us know in the comments section below.

Filed Under: English, News Bitcoin, Recep Tayyip Erdoğan, Recep Tayyip Erdoğan bitcoin, Recep Tayyip Erdoğan crypto, Recep Tayyip Erdoğan cryptocurrency, Recep Tayyip Erdoğan metaverse, Regulation, Turkey, turkey bitcoin, turkey crypto, turkey crypto regulation, turkey metaverse, Turkish government, turkish president

Turkish President Erdogan Says Cryptocurrency Law Is Ready as Crypto Regulator Fines Binance 8 Million Lira

26/12/2021 by Idelto Editor

Turkey’s President Recep Tayyip Erdoğan reportedly announced that the country’s cryptocurrency law “is ready” and will be submitted to parliament “without delay.” Meanwhile, Turkey’s Financial Crimes Investigation Board (MASAK), which oversees crypto exchanges, has reportedly fined Binance Turkey over violations found during liability inspections.

Turkish Cryptocurrency Law ‘Is Ready’

Turkish President Recep Tayyip Erdoğan said at a meeting with journalists Friday that the country’s cryptocurrency law is ready, ABC Gazetesi reported. While providing information on crypto legislation, Erdogan said:

The law is ready, we will send it to the parliament soon without delay.

Following Erdoğan’s announcement, the state-owned Anadolu news agency reported on Saturday that the Turkish Financial Crimes Investigation Board (MASAK) has fined Binance’s Turkish exchange (BN Teknoloji) 8 million lira ($751,314) over violations found during liability inspections. Without providing further details, Anadolu detailed:

The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May.

Binance Turkey subsequently issued a statement emphasizing that it “openly” communicates and cooperates with regulatory and supervisory authorities. The exchange added that it “actively follows the changing policies, rules, and laws in this new field.” Furthermore, Binance Turkey said it strives to “create a sustainable, healthy, and safe ecosystem.”

In September, President Erdoğan said that Turkey is “at war” with cryptocurrency. Moreover, Binali Yıldırım, deputy chairman of the Justice and Development Party (AK Party), said: “Unfortunately, cryptocurrency also opens the door to grievances. So, it’s something that needs serious control.”

In May, Turkey published some rules for crypto trading platforms in the official gazette after a couple of cryptocurrency exchanges — Thodex and Vebitcoin — were investigated for fraud. The Turkish central bank has also banned the use of cryptocurrencies for payments.

What do you think about President Erdoğan’s statement and Binance being fined 8 million lira? Let us know in the comments section below.

Filed Under: crypto law, English, Erdogan, Erdogan bitcoin, Erdogan crypto, Erdogan cryptocurrency, News Bitcoin, Recep Tayyip Erdoğan, Regulation, Turkey, turkey bitcoin law, turkey crypto law, turkeys cryptocurrency law, Turkish, turkish cryptocurrency law

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