Turkey politicians’ interests conflicts, as the nation’s top opposition party support Bitcoin use against the ruling party. A while ago, Turkey banned crypto trading within the nation, and this means that things are looking very tough for holders who make a living from trading the asset. Despite the ban, the nation’s opposition believes the ban should be lifted, especially as cryptocurrencies go global.
Early Monday morning in Turkey came as a shock to many when the newly appointed central bank governor prohibited digital asset trading in the country. There might be light at the end of the tunnel as the Turkish opposition leader as turned to a Bitcoin advocate to ensure the lifting of the ban.
Turkey bans cryptocurrency
On April 30, Turkey’s central bank governor announced the prohibition of cryptocurrencies, such as Bitcoin. The regulator explained that crypto payments and fiat-to-crypto transactions were illegal due to the new regulation.
Asides from prohibiting crypto transactions, the governor clarified that any direct or indirect crypto use is prohibited by the virtue of the new law. The announcement pushed the country’s opposition party leader Kemal Kılıçdaroğlu to share his views on Twitter, concerning digital asset use.
The politician asked why the government made such as decision without consulting its people. Some people believe that he was referring to the nation’s president, who some believe can be a dictator. Interestingly, Kılıçdaroğlu explained that he would consult stakeholders and get back to the public. After the consultation with stakeholders, the politician concluded that the ruling party did not have the interest of young people at heart.
Experts believe that the new ban would significantly affect Turks as young people have taken up the country’s cryptocurrency scene. Despite the recent ban, a study in 2019 explained that Turkey was one of the crypto adopters as the citizens were increasing interested in digital assets.
Turkey’s stance on digital assets
The country has had many influence on crypto related products, such as a lira-pegged coin, which is prominent amongst users in the company. The country boasts of having an exchange, BtcTurk, which is a popular company within the nation. Things might change in the nation, especially since cryptocurrencies are now prohibited.
The nation has been pushing towards having total control of its payment mediums, and this has changed many things for users. Even PayPal was outlawed some years ago in a bid to control money flow within the nation.
It’s safe to note that Turkey might be joining many other countries that have announced the creation of their digital assets, as it continues to make plans to commence the creation. Lira has been losing value since the past few years, and its movement against Bitcoin could have caused the stringent law.
Other countries have announced crypto prohibition for numerous reasons, such as terrorism funding, money laundering, and other reasons to keep the financial space in a safer place. Many exchanges have been taking up numerous KYC details to prevent untraceable and suspicious activities, which might be linked to malicious and illicit acts.