Share this article
Turkey President Erdogan to Send Crypto Law to Parliament: Report
Erdoğan told reporters that the law would be sent to the national assembly “without delay.”
By James Rubin
Updated May 11, 2023, 5:25 p.m. Published Dec 24, 2021, 7:11 p.m.
Make us preferred on Google
Turkey’s President Recep Tayyip Erdoğan will send a crypto law to the country’s parliament, two European publications, ABC Gazetesi and the Daily Sabah reported Friday.
- “The law is ready, we will send it to the Parliament soon without delay,” Erdogan told journalists in Istanbul, according to the ABC Gazetesi.
- Bitcoin and other cryptocurrencies have grown increasingly popular in Turkey, where inflation has soared, and the country’s currency, the lira, hit record lows against the U.S. dollar earlier this year. Many consumers have seen crypto as a way to circumvent these issues.
- But the growing acceptance has challenged the authoritarian Erdogan, who has been looking to strengthen the lira and bolster Turkey’s struggling economy. In April, Turkey’s central bank said it was banning the use of cryptocurrency for payments, although it remains legal to hold crypto in the country.
- At the time, Turkey central bank Governor Şahap Kavcıoğlu said that the country’s Treasury and Finance Ministry was developing cryptocurrency regulations but didn’t intend to prohibit them, according to the pro-government Daily Sabah.
- The lira rose about 20% on Tuesday, a day after Erdogan announced measures to protect lira deposits.
CORRECTION (Dec. 26 15:22 UTC): Fixes spelling of Daily Sabah.
STORY CONTINUES BELOW
More For You
More For You
CFTC's Selig opens legal dispute against states getting in way of prediction markets
Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.
What to know:
- U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
- Though the CFTC once fought a legal resistance against such firms as Polymarket and Kalshi, the agency has embraced them during the administration of President Donald Trump, whose son has worked as a paid adviser for the leading companies.
- As Selig defends his agency's jurisdiction in court, he's also pursuing new prediction markets rules for the U.S.
Top Stories
