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28 October 2021
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Turkey’s President Declares War on Crypto, Readies Lira

  • Recep Erdogan declares the Turkish Government is at war with crypto.
  • Erdogan reaffirmed that Turkey and her citizens will be sticking to their own currency.
  • The President is gearing up to assert financial control in Turkey ahead of launching the digital Lira.

Turkish President — Recep Tayyib Erdogan, has no plan of adopting crypto. To start with, Erdogan hosted a question and answer session in Mersin, Turkey. In detail, one of the lineups of the meeting was to answer burning questions concerning the newly launched Digital Turkish Lira Collaboration Platform. To add on, the digital Lira is an initiative of the Central Bank of the Republic of Turkey (CBRT). 

Furthermore, Erdogan revealed that his government is “at war” against digital assets.

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

Hardly surprising, Recep Erdogan has been vocal about his stance on his regime’s crypto approval in Turkey. Alternatively, the Turkish President is putting all resources to bolster all necessary monetary policies to advance a smooth adoption of its fiat, Lira.

Set to take off in 2021, the creation of digital Lira was a response by the Turkish government over the popularity of crypto in the country.

Why Is There a Crypto Boom in Turkey Despite the Ban?

According to the crypto report issued by Turkey’s Information Technologies and Communications Authority (ICTA), over 2.4 million Turks own various digital assets. In light of this, the Turkish crypto community is very active when it comes to trading. 

In addition, crypto adoption rates surged months after the removal of Turkey’s Central Bank governor Naci Agbal. Following Agbal’s layoff, the digital Lira plunged more than 14% against the US dollar. Although, Lira has slightly revived since.

Further, data from Goggle Trends shows the number of searches for Bitcoin reached its peak. In fact, it was seeing a rise of 566% in the hours following the news of Lira’s fall.

The crypto community has enjoyed a steady market boom in 2021. More so, many governments of the world are helpless when it comes to crypto regulation. Invariably, they only have little or no effect on most crypto traders. Therefore, it is no longer news that many leaders are frustrated with crypto and are steadily looking for ways to shut it down.

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