Crypto money comments and moves from government officials recently caused the crypto money community in Turkey to be nervous. So, are these really the things that will affect the Bitcoin and altcoin market in Turkey?
What do crypto money comments from government authorities mean?
As we have reported as , while the Banking Regulation and Supervision Agency (BDDK) has issued a crypto money warning to banks; yesterday, the President of the Central Bank of the Republic of Turkey (CBRT) Şahap Kavcıoğlu stated that they are uncomfortable with a certain part of the foreign exchange going to crypto money. So what do these mean? Is it an indication that a ban is coming to the market?
According to Kadir Kurtuluş, President of the Eurasian Blockchain and Digital Currency Research Association, these messages are “warning”. However, he states that a ban on this area is unlikely, because in the event of a ban, a ground will be prepared for money to flow to foreign exchanges. Kurtulus also draws attention to the high trading volume in cryptocurrency exchanges operating in Turkey. The expert states that since the crypto is dollar-indexed, a potential ban could make a difference in terms of foreign currency deposits, but lead to different results.
In addition, Kurtuluş stated that a ban on this area will affect the genre exchanges and cause them to fall behind in this area; He thinks that the statements from the Central Bank show that the bank is following the issue. Finally, Kurtuluş says that some restrictions on Binance may come to the fore in the coming periods.
What is behind the government concerns?
Another name who commented on the moves of the BRSA and the CBRT, Bahçeşehir University Blockchainist Center Director Dr. He became Bora Erdamar. According to Erdamar, Turkey’s support of projects focused on crypto may lead to the elimination of what is called a problem for the government. Erdamar stated that there are two main points that the regulators take into account when making crypto money regulations, the concerns that investors will be harmed and the concerns that the money invested in cryptocurrencies goes abroad.
However, this year, according to Erdamar, who pointed out that institutional investors poured millions of dollars into the field, the loss of investors now directly depends on the level of financial literacy of the person. The solution is to better promote and announce these “next generation assets.” Lastly, Erdamar emphasized the high volume of transactions in cryptocurrencies around the world, and he thinks that if projects in this field are supported in Turkey, the worry of the money going abroad will disappear, because there will be a flow here from outside.