Turkey is preparing for new rules around Bitcoin, clarity within 2 weeks

Robin HeesterTurkey is preparing for new rules around Bitcoin, clarity within 2 weeks

Turkish bitcoiners can breathe a sigh of relief: the country will not introduce a direct ban on bitcoin. That says the president of the Turkish central bank on Friday. ?ahap Kavc?o?lu says that the Ministry of Finance will publish the plans within two weeks.

Kavac?o?lu: “You don’t solve anything simply by banning crypto, we have no intention of doing that.” Earlier this month it became clear that it is prohibited to use BTC as a means of payment.

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Turkey and bitcoin

Just like all other governments and countries worldwide, Turkey is also trying to catch bitcoin in the right rules. That is difficult and often causes problems. Crypto Spain is popular.

The central banker cannot yet say exactly what will happen, but it is the intention that a clear definition for ‘crypto’ will soon be on the table. There will also be guidelines on how to store cryptocurrency, as a company and as a private person.

The central banker says bitcoin and other cryptocurrencies are widely used to get large amounts of money out of the country. The regime in Turkey wants to put a stop to this. He did not cite studies and figures for these claims. The boundless nature of bitcoin does allow people to do this.

In order to have some control over this, a country often wants to exercise control in some way at the gate of bitcoin. Consider, for example, De Nederlandsche Bank (DNB) in the Netherlands. DNB is a regulator and is a kind of gatekeeper for bitcoin companies in the Netherlands.

In conversation with Decrypt, Beste Naz Süllü, research director at crypto exchange Icrypex, tells about the goals of the government. According to him, people mainly want to know: where do you store your bitcoin. The most important question then is: “Will the money stay in Turkey or not?”

Frightened days for bitcoiners

In any case, Bitcoiners in Turkey will have given more thought to where they store their money in recent days. Two exchanges stopped supporting BTC trading in a short period of time. Customer funds are also no longer accessible at both closures. Website for Crypto Germany is popular.

Thousands of Thodex and Vebitcoin customers have no access to their funds for now after both trading houses closed their doors quite suddenly for various reasons.

Government decisions and guidelines are not popular terms and concepts in the world of bitcoin. Yet it is necessary for countries to establish a legal framework that companies in an industry can adhere to.

The summary is clear: Turkey also wants to get a grip on the money flows in this emerging market.

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