Turkey ready to go on legal crusade against Bitcoin

Illusions and inflation – Should the politicians in power really be happy about a containment of the adoption of Bitcoin and cryptocurrencies in their country? Turkey is moving forward with its cryptocurrency regulatory plan, and that’s not necessarily good news for the industry.

Turkey, Bitcoin and crypto regulations: the ball will soon be in the parliament’s court

Turkey’s President Recep Tayyip Erdoğan told a meeting with economists and business leaders at Dolmabahce Palace thata cryptocurrency bill would be ready. This draft will be sent “without delay” to the Turkish parliament.

Erdoğan expressed his anti-crypto stance in September 2021, stating that his administration is at war with cryptocurrencies, – just that – and that she will never support them. Former Turkish Prime Minister Binali Yıldırım called investing in Bitcoin and cryptocurrencies “the sale of a fictitious future”, stressing the need to regulate them tightly.

Erdoğan had displayed his hostility against cryptocurrencies while declaring that “we will move forward with our own currency which has its own identity”. The Turkish Central Bank has embarked on the race to develop its own digital currency. A simple scan – a change in form and not in substance – will the Turkish lira be enough to help fiat money move forward in the face of inflation ?

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The war on cryptocurrency: finding a (good) diversion from inflation

Inflation over one year in Turkey has reached a rate of 21.31% in November 2021. At the same time, on November 20, 2021, bitcoin (BTC) for the first time crossed the 800,000 Turkish lira mark, as the fiat currency collapsed against the US dollar after Erdoğan made a new commitment to lower interest rates.

Is making life hard on cryptocurrency the right solution to the economic crisis in Turkey? This war against cryptocurrencies is mostly akin to a diversion in an attempt to make the general public forget that inflation is in fact the result of the failure of the traditional economic, monetary and financial system, and that cryptocurrencies and the decentralized foundation on which they are based, could represent a better alternative.

Will this new regulation cause a new wave of departure of crypto companies from the country, such as Binance, which had yet established in 2020, a partnership with one of the biggest banks in Turkey ?

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