Turkish Central Bank Governor Declares: Regulation of Cryptocurrencies Will Come Within Two Weeks
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Answer Turkish Central Bank Governor Declares: Regulation of Cryptocurrencies Will Come Within Two Weeks
Turkey’s central bank governor said last Friday that the Turkish Ministry of Finance plans to announce wide-ranging regulations for cryptocurrency within two weeks.
He added that he ruled out any possibility of imposing a total ban.
a permit “Saba Kavashioglu,” Governor of the Central Bank of Turkey, made it on the state-run TRT channel, and it came with the meaning:
You cannot solve anything simply by banning cryptocurrencies, and we have no intention of doing so.
While Kavashi did not specify what the upcoming regulations would entail, he hinted that they would clarify the legal definition of the crypto market, and govern how institutions store cryptocurrencies.
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protect the economy:
Kavashi said enforcement and lawmaking is necessary to address the alarmingly high amounts of money leaving the country through cryptocurrencies.
He was also told that he did not have any reliable numbers to support his claim, but added:
We don’t even know if some of the crypto funds leaving the country will ever return.
Bast Naz Cholo, Research Director of the cryptocurrency exchange Icrypex, said: to source The government wants to clarify the jurisdictions in which cryptocurrencies are stored.
There is also a major question currently underway:
Will the money stay in Turkey or not?
Governments often prevent wealth from leaving their countries to protect their economies.
And the Turkish economy, as it is known, suffers.
Kavashi said his institution’s decision last week to ban payment processors (Turkish payment services similar to PayPal) from dealing with cryptocurrencies was necessary to restore government oversight over financial payment networks.
He explained:
Payment processors have poor infrastructure, unlike banks, which were not affected by the ban.
Problems of Turkish cryptocurrency exchanges:
Kavashi’s statement comes at a critical time for Turkey’s cryptocurrency.
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This week, two cryptocurrency exchanges stopped in Turkey:
Thodex and Vebitcoin.
Both of them have been discussed in articlesNews on the Arab Bitcoin website.
The shutdowns should not distract the government from a rational approach to the crypto market, said Mehmet Turkerslan, a legal advisor at a major Turkish cryptocurrency exchange.
As one of the developers working on crypto exchange Bitexten told Mr. Agah Selim Sisli:
Crypto regulation, if done correctly, can contribute significantly to a country’s economy.
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It can make the world trust the Turkish crypto industry.
New regulations will likely require cryptocurrency exchanges to obtain licenses and meet additional criteria.
It could mean that some of the country’s 31 cryptocurrency exchanges will have to stop trading if they fail to meet government standards.
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