Recep Tayyip Erdoğan, the president of Turkey, has subtly confirmed the completion of a crypto law development and documentation, which will be presented to Parliament soon for widespread adoption in the country.
At a news conference in Istanbul, President Erdoğan shared intentions to establish a new economic structure in order to combat the declining value of the Turkish lira. According to local media NTV, Erdoğan stated the cryptocurrency bill is ready, and the government will take action on this matter by bringing it to Parliament without any delay.
Recognizing the country’s recent inflationary episode, Erdoğan stated that the currency event is not tied to mathematics but rather a matter of process, meaning that the lira’s value development is possible and possible:
“We intend to channel it to a dry place with this knowledge. The exchange rate, on the other hand, will set its own price on the market.”
The president expects Turkey to become one of the top ten economies in the world after adopting the new crypto law. In response to the region’s escalating prices, he stated that the government intends to follow the individuals who change the labels on pricing list organizers multiple times a day. “We want them to lower the dollar’s increases now,” he commented.
Turkey’s depreciation led to BTC/TRY pair touching ATH
On November 23, Bitcoin holders in Turkey dodged a rapid currency depreciation as the Turkish lira dropped 15% versus the US dollar in a single day.
Many regulators all around the world are on the way to bringing crypto bills and CBDCs in the coming days, which is also one of the reasons for the extended bull run. India is also planning to bring the most-awaited crypto bill, which was supposed to pass after the winter session of Parliament but is currently in a cliffhanger mode.
The slide of the fiat currency resulted in Bitcoin (BTC) achieving a new all-time high over the Turkish lira. On Binance, the BTC/TRY trading pair touched 723,329 Turkish lira.