The increased demand for cryptocurrencies has compelled Turkey’s government to look into the prospects of the industry.
The overall market cap of the cryptocurrency is currently beyond $1 trillion. Bitcoin slumped down to a low $5K during this time last year. Presently, BTC is trading for a whopping $52,239 while its market cap is on the verge of hitting $1 trillion. These numbers have lured in a huge amount of people across the globe. To keep things in check, the Turkish government seems to be following suit of other countries and studying the pros and cons of the crypto-verse.
Turkey’s Ministry of Treasury and Finance To Spearhead This Process
Turkey gained a lot of traction due to the increased adoption of crypto during the inflation of the Turkish Lira. This could have urged the government to take a deeper look into the crypto industry. Turkey’s Ministry of Treasury and Finance took to Twitter and shed light on its latest initiative. The tweet read,
“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”
While Turkey has time and again proved to be a crypto-friendly country, the latest probe could bring about certain regulations with regard to crypto. With India yearning for a ban on the entire industry, the community and crypto lovers of Turkey hope that the Middle Eastern country steers away from a ban.
Additionally, studying the industry would take time, meanwhile, the government has been prepping for the launch of its digital currency. While news pertaining to setting pilot of the country’s digital currency in 2021 was making the rounds, the government is yet to deliver updates about the same.