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Turkey's Central Bank Head Says Crypto Rules Coming, Denies Total Ban Ahead
Comments come as use of digital currencies soars in the country.
The head of Turkey's central bank ruled out a total ban of cryptocurrencies and said a wide range of crypto regulations is coming within two weeks, Trade Moneta reported.
STORY CONTINUES BELOW
- Speaking on state-run channel TRT, Governor Şahap Kavacıoğlu said, "You cannot fix anything by banning crypto, and we do not intend to do this."
- Kavacıoğlu's comments come less than a week before a planned ban on the use of cryptocurrencies for payments is due to go into effect. The announcement of the ban, which came as the use of cryptocurrencies in the nation has soared due to the plunging lira, drew protests from the government's political opponents.
- The comments also came shortly after the detention of employees of two crypto exchanges that are being investigated by the government.
- Without giving details about the coming regulations, Kavacıoğlu indicated the bank would clarify the legal definition of cryptocurrencies and regulate how they should be stored by institutions, Trade Moneta said.
- The central bank chief said the regulations are needed to address the "alarming" number of funds leaving the country via cryptocurrency, according to the report.
- News of the country's coming ban on crypto use for payments sparked a sell-off in the price of bitcoin, partly on concerns that other countries could follow Turkey's lead.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
