Turkish President Tayyib Erdogan recently updated the media outlets about the development of the cryptocurrency legislation in the country. Speaking on the matter, he claimed that a new bill is ready for presentation in the parliament that deals with the subject of cryptocurrency-specific regulations.
Erdogan also told the media that the new cryptocurrency law might be able to invoke some stability into the economy that could help stabilize the devaluation of the lira. The report was published by a local Turkish media outlet NTV. He also claimed that the government is working to resolve the matter by presenting the bill in parliament as a high priority.
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Speaking at a press conference in Istanbul, President Erdogan told the media that the recent devaluation of the Turkish lira is not a matter of economic mathematics. He further claimed that it is all part of a broader process. It seems that he was pointing toward the possible growth potential of the lira value.
He claimed that through the new techniques, the country is planning to bring back the fiat to the dry spot zone. However, the recovery at the OTC exchanges is going to take a natural course. Erdogan also shared the optimistic view that Turkey will be able to join the top 10 cryptocurrency economies in the world with the new approach.
President Erdogan recently told the media that he plans to follow the people who issue different pricing listings several times per day. He exclaimed that he was hoping to negotiate with the organizers and convince them to lower the USD prices.
However, the Turkish investors who had Bitcoin in their reserves remained in profit zones. Binance is showing that the BTC/TRY trading pair reached 723,329 this month. According to the Bitcoin price analysis, Turkish investors gained a new ATH in the region due to the massive fall of the lira value recently.