The President of the Central Bank of Turkey (CBRT), Şahap Kavcıoğlu, made comments on cryptocurrencies at the investor meeting held via videoconference today.
Crypto money exit from CBRT Chairman Şahap Kavcıoğlu
Making statements at the investment meeting held via videoconference today, Kavcıoğlu stated that they are uneasy about the money going to cryptocurrencies. He also shared his comments on interest rate cuts and foreign exchange. CBRT Chairman Kavcıoğlu, who intervened in exchange rates by selling dollars yesterday, drew attention to the relationship between foreign exchange and cryptocurrencies. The Chairman of the CBRT used the following statements:
Most of the money goes to deposits. We are uncomfortable with a certain part that goes to crypto money.
Furthermore, at the investor meeting, the Chairman of the CBRT said, “We will soon make regulations to encourage the transition of foreign currency deposits to TL instruments. I would like to reiterate that there has been no change in the CBRT’s monetary policy focused on reducing inflation. Our reserves have entered a stable upward trend in the last period. We will continue to increase our reserves resolutely,” he said.
As we have previously reported as , cryptocurrencies have become a very popular area with the depreciation of the Turkish lira. As a result of the increasing popularity, especially in 2021, restrictions on cryptocurrencies took place in our country. On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation prohibiting the use of cryptocurrencies, including Bitcoin, for direct or indirect payments for goods and services. The next day, a decree was issued that placed crypto exchanges on the list of those subject to anti-money laundering and terrorist financing rules.