Finance Ministry of Turkey Announces Collaborative Research on Cryptocurrency

Turkey started walking on a road to becoming a crypto-friendly economy. They have shown an extraordinary interest in mining cryptocurrency by adopting the “wait and watch” approach. This approach could be temporary because the government is highly motivated and ready to take some serious steps in this regard. Recently, the Turkish Ministry of Finance demonstrated genuine concerns by using a social media platform. They announced on Twitter to work with local regulatory authorities in a collaborative framework on 1st March 2021. According to the recent reports, the ministry has been working with two financial regulatory authorities and the central bank. In a briefing, they said that the ministry is carefully monitoring the rising concerns of cryptocurrency in the world as well as its status in our country. We are working in collaboration with the supervision agency, Banking Regulation, the Central bank, and Capital markets Board under the Deputy Minister’s supervision. 

This is not the first step by the Turkish ministries. According to the previously published reports by the capital Market Council of Turkey, the management bodies responsible for the security of international markets in the country are planning to audit, supervise and regulate cryptographic markets.

Experts’ Reviews on the Announcement

Chief editor of the Turkish blockchain platform, Ahmet Usta, said during an interview that the speculative nature and fast-growing capacity of these digital assets could be risky for investors who have never gone through the complex crypto dynamics. I hope the financial regulation authorities will pave a proper way towards innovation while securing the customers, and I hope that Turkey will grab the opportunity and modify its economy towards blockchain technology.

Polat, A senior Crypto Lecturer

Ismail Hakki Polat, a senior lecturer on cryptocurrency, describes in an interview that the first and foremost priority of ministry will be the protection of customers. According to Polat, the next step will be the relaxation of some additional taxes by the government for the sake of crypto trading. He said if the government creates a friendly atmosphere for buying and selling of Bitcoin and other currencies within a legitimized framework, Turkey can once again attract the international crypto investors in its market, he said, adding it would also result in providing financial relief to the economy as more foreign capital will be flowing in the Turkish markets.

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