Turkey aims to introduce new Crypto Bill to boost country’s Economy

Turkey’s President, Tayyip Erdoğan, has confirmed the completion of a crypto law draft for mainstream implementation in the country. According to the president, the draft will be sent to Parliament and could soon be enacted.

To counter the declining value of their local currency, Iira, President Erdoğan plans to implement a new economic model. As reported by local media, Erdoğan claims that the bill on crypto is ready. He then added that:

“We will take steps on this issue by sending it to Parliament without delay. With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”

President Erdoğan hopes that with this new law, Turkey can rise to become one of the 10 largest economies in the world. Last November 23, Turkish Bitcoin holders avoided an accelerated currency collapse as the Iira lost 15% against the US dollar in one day.

Cointelegraph reports that the fiat currency’s fall resulted in BTC reaching new highs against the Turkish Iira. On Binance the BTC/TRY trading pair reached 723,329 Turkish lira.

Source: Cointelegraph