Central Bank Leader Şahap Kavcıoğlu made a statement regarding the use of cryptocurrencies. The CBRT regulation, which previously banned cryptocurrency payments, will take a more moderate approach than Kavcıoğlu’s statements.
Central Bank Leader Şahap Kavcıoğlu talked about cryptocurrencies
CBRT Leader Şahap Kavcıoğlu spoke at the OIC-COMCEC (Organization of Islamic Cooperation) central banks forum meeting on September 26. In their statement, positive statements were included as “working on the possibilities of using cryptos is a valuable issue”. The use of cryptocurrencies in the exchange of goods and services between countries has been on the agenda for a while. Studies on this issue are on the agenda of Arab countries and especially Russian authorities. Sharing Turkey’s point of view, Kavcıoğlu says that the possibilities of using cryptocurrencies should be valued.
Turkey has a positive view on the use of CBDC in national payments
The Central Bank Leader also made statements on CBDCs. Central bank digital currencies are cryptocurrencies produced by a central bank. Kavcıoğlu, in his statements at the OIC-COMCEC central banks forum meeting, signaled the use of CBDC in national payments.
Şahap Kavcıoğlu also included the topics of economics and inflation in the statements he made on the official Twitter account of the Central Bank after the meeting. Central Bank Leader said rising inflation is causing economic uncertainty:
Three questions posed by the conditions we are in globally constitute our agenda: first, whether the increasing inflationary pressures are temporary or permanent. Second, the course of regional conflicts, and third, what kind of policies central banks will implement in an environment of increasing uncertainty.
Turkey cryptocurrency regulations
Koindeks.com As you follow, the TBMM has already completed the first step of the 68-page bill. The CBRT banned payments with cryptocurrencies with the regulation it issued on April 30, 2021. The new studies initiated by the order of President Recep Tayyip Erdoğan marked the beginning of the second phase of the regulations. According to the 68-page Country Examples of Regulatory Regulations for Crypto Assets report, cryptocurrencies are said to be “used as a form of payment in various media, industries including tourism, education, digital publishing and art purchasing are now common.”
The report also stated that the “opportunity” and “threat” aspects of cryptocurrencies are strong. It was emphasized that the subject is highly technical and expert opinions should be sought in possible generic situations. According to the report, which claims that there is significant information pollution at the point of monitoring the regulations, the global mainstream media consciously misrepresents their legal regulations because the crypto market is open to manipulation, and unconsciously because the media is unfamiliar with the issue.
Turkey will use this information, along with many other information in the aforementioned report, while preparing its cryptocurrency law. In conclusion, statements from Şahap Kavcıoğlu show that a measured study will be carried out.