Turkey’s crypto law is parliamentary, confirms President Erdoğan

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Turkish President Recep Tayyip Erdoğan has reportedly confirmed the completion of a draft law on cryptocurrencies that will soon be submitted to parliament for general implementation in the country.

To counteract the falling value of the Turkish lira, President Erdoğan announced his plans to implement a new economic model at a press conference in Istanbul. As reported by local media NTV, Erdoğan said the cryptocurrency bill was ready, adding:

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“We will take steps on this matter by sending it to Parliament immediately.”

In recognition of the country’s most recent inflationary episode, Erdoğan said the currency event is not related to math, but is a matter of process – implying a possibility and potential for the lira to appreciate:

“With that understanding, we intend to put it in a dry spot. But the exchange rate will find its own price in the market. “

With the introduction of the new crypto law, the president envisions Turkey as one of the 10 largest economies in the world. Regarding the rising prices in the area, he shared plans to follow the people who change the labels of the price list organizers several times a day. “We want them to lower the dollar hike now,” he concluded.

Related: Bitcoin hits new all-time high in Turkey as the fiat currency lira goes into free fall

On November 23, bitcoin holders in Turkey avoided accelerating currency collapse as the lira lost 15% against the US dollar in a single day.

BTC / TRY 1-day candlestick chart (Binance). Source: TradingView

As Cointelegraph reported, the fall in the fiat currency caused Bitcoin (BTC) to hit a new all-time high against the Turkish lira. The trading pair BTC / TRY reached 723,329 Turkish Lira on Binance.