Turkey’s President Recep Tayyip Erdoğan has confirmed the completion of a cryptocurrency bill that will soon be shared with Parliament for widespread application in the country.
In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. As reported by local outlet NTV, Erdoğan said the cryptocurrency bill is ready, adding:
“We will take action on this by sending it to Parliament without delay.”
Acknowledging the recent inflationary episode in the country, Erdoğan said that the currency event is not related to mathematics, but rather a matter of process – implying a possibility and potential for growth in the value of the lira:
“With this understanding, we intend to steer it towards a dry point. But the exchange rate will find its own price in the market.”
With the introduction of the new cryptocurrency law, the president envisions that Turkey will become one of the 10 largest economies in the world. Regarding the increase in prices in the region, he shared his plans to follow people who change the labels of the price list organizers several times a day. “We want the dollar gains to go down now,” he concluded.
On November 23, Bitcoin holders in Turkey avoided an accelerated collapse of the currency, as the lira lost 15% against the US dollar in a single day.
As Cointelegraph reported, the fiat currency crash caused Bitcoin (BTC) to hit a new all-time high against the Turkish lira. The BTC / TRY trading pair reached 723,329 Turkish lira on Binance.