The Turkish Ministry of Treasury and Finance revealed that a digital currency bill was finalized and presented to parliament in October.
Turkey is attempting to establish a regulatory framework for the digital currency business. The country’s Ministry of Treasury and Finance said that a digital currency bill had been developed. It will present to parliament in October to protect investors and prevent money laundering. Turkey has been dealing with growing inflation, a drop in demand for its debt, and increased unemployment.
Turkey is attempting to rein on the growth of digital currencies.
Turkey’s government has attempted to stifle the growth of digital currencies. Previously, the government had prohibited the use of digital currency as a payment mechanism. It now seeks to effect a law that restricts the usage of digital currencies to protect investors. A draft law to build a legislative framework for the digital currency business has been released by Turkey’s Ministry of Treasury and Finance. This law will be introduced into Turkey’s parliament, also known as the Grand National Assembly, when its sessions begin in October 2021.
Digital currencies in Turkey require more stringent rules.
In response to the bill, Deputy Minister akir Ercan Gül claimed that Turkey needs tighter cryptocurrency restrictions than most European and North American countries. Because Turkey has a free-floating exchange rate system, digital currencies might have a substantial impact on the value of the local currency, the lira, according to the minister. A free-floating exchange rate system is one in which demand and supply determine exchange rates. The bill will establish the various types of cryptocurrency assets. It will also establish policies for their issue, distribution, trading, and custody. Crypto laws are also being developed in many other nations.