Turkey at war with crypto, Erdogan says

Erdogan says Turkey at war with cryptocurrencies
1 min read
19 September, 2021
Turkish President Recep Tayyip Erdogan said on Saturday that his country is at war with cryptocurrency.
Erdogan made the remarks during a meeting with students [Getty]

Turkish President Recep Tayyip Erdogan said on Saturday that his country is at war with cryptocurrencies, following a string of measures to control their use.

During a meeting with students from 81 provinces that took place in the city of Mersin, Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     
 
However, that Turkey would carry on with its own money, which he believes is part of the national identity.

In April, the Turkish central bank imposed a ban on cryptocurrency payments in mid-April, meaning that local companies are not allowed to conduct transactions on goods and services.

Regulatory uncertainly, extremely high volatility and crime were cited as the key reasons behind the decision.

The Turkish central bank warned at the time that cryptocurrencies "entail significant risks" because the market is volatile and lacks oversight.

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"Wallets can be stolen or used unlawfully without the authorisation of their holders," the central bank said.

In May, Turkey added cryptocurrency trading platforms to its list of firms falling under anti-money laundering and terrorism financing regulation, as per a presidential decree.

Turkey's official gazette said the country’s latest expansion of rules will cover “crypto-asset service providers”, which would be liable to the existing regulations.