Share:

Turkey is eager to become a blockchain hub as a country with one leg in Europe and another in Asia. However, the same passion doesn’t apply to cryptocurrencies, as Turkish President Recep Tayyib Erdoğan reiterated recently.

Erdoğan hosted a question and answer event in Mersin, Turkey with youth from across the country. An attendant referred to the Digital Turkish Lira Collaboration Platform announced last week, and asked if the central bank would embrace cryptocurrencies. He also asked Erdoğan about his opinions on crypto.

“We have absolutely no intention of embracing cryptocurrencies,” answered the president, adding:

“On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies]. Because we will move forward with our own currency that has its own identity.”

Binali Yıldırım, Turkey’s former prime minister and Ak Party deputy chairperson, followed up by explaining that cryptocurrencies require strict supervision due to their potential risks. “It’s like a sale of a fictive future,” he said.

Turkey first announced plans for a national blockchain infrastructure in 2019. Since then, the government and the local authorities have taken a pro-blockchain stance. The government shared plans for a central bank digital currency (CBDC) with tests planned for late 2021.

The Central Bank of the Republic of Turkey made a big step towards its CBDC goals by establishing the Digital Turkish Lira Collaboration Platform with three local technology companies.

However, President Erdoğan’s latest comments on cryptocurrencies mark a possible end for Turkey’s crypto-friendly era, in which several global crypto exchanges like Binance and Huobi set up operations in the country.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders

This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders

Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.

More Lido News

LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise

LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise

Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.

More Chainlink News

Optimism price could rally 50% as network upgrade inspires new wave of OP adoption

Optimism price could rally 50% as network upgrade inspires new wave of OP adoption

Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.

More Optimism News

Binance CEO addresses chat records disclosed by the SEC

Binance CEO addresses chat records disclosed by the SEC

Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.

More Cryptocurrencies News

Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week

Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week

The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization. 

Read full analysis

BTC

ETH

XRP