Turkish President Recep Tayyip Erdoğan and governing Ak Party executives had a meeting earlier this week to discuss the metaverse, with the president calling for comprehensive analysis on the matter.
Erdoğan has allegedly encouraged the Ak Party to research the metaverse, cryptocurrencies, and the manner in which transactions are done employing them.
At a meeting on January 25, party leaders were asked to evaluate the phenomena with significant ramifications for the longer future. The financial characteristics of the metaverse, cryptocurrency, and social media are anticipated to be addressed in a forum that can then be hosted by the ruling party.
“It is a sensitive subject. A good and meticulous study should be done.”President Erdoğan allegedly said at the meeting
What beholds for the Turkish investors?
Turkey’s central bank, last April, even prohibited crypto for common goods & services, citing high risks in transactions and their possibility to create “irreparable” damage. “Their usage in payments may entail non-recoverable losses for the parties to the transactions and include aspects that may erode the faith in techniques and instruments used today in payments,” the central bank clarified.
Mustafa Elitaş, the deputy parliamentary leader of the ruling party (AKP), has disputed rumors that a 40-per cent tax will be imposed on bitcoin earnings. A bill proposal to governing local cryptocurrency trading platforms is scheduled to be introduced to the Turkish Parliament in the following weeks.
A recent tweet by Mustafa on January 13, 2022, went live. “After the first meeting we held with Crypto Money representatives in the Parliament, we continued to meet with the leading representatives of the industry and evaluate their expectations and demands.”
As per the news report by Hurriyet daily news, the Turkey government is working at a fast pace adopting crypto. The main objective of Turkey’s cryptocurrency legislation would be the openness, safety, and suitability of exchange platforms to facilitate secure transactions.
The second fundamental purpose of the policy will be to provide a favorable financial environment for the healthy expansion of blockchain-based firms. Turkey’s crypto market is among the top five globally, with approximately 5 million accounts. Following the instructions of the Turkish president, bitcoin is trading at $36,638, slowly rising from the dip.