Of late, Turkey has been making news in the crypto-verse. Soon after the Turkish government decided to impose a ban on cryptocurrency payments, a prominent cryptocurrency exchange in the region was making headlines for scamming its customers. More recently, the country’s central bank, the Central Bank of the Republic of Turkey [CBRT] revealed that it was taking over crypto regulations as it went on to present a report to the Turkish Parliament.
The environmental impact of Bitcoin seemed to be the latest topic of interest for many. From Elon Musk to the Chinese government, several were seen dropping support of BTC citing issues pertaining to the environment. This untimely mining ban caused immense damage to the price of the king coin. From a high of $64K, Bitcoin went on to plummet to a low of $34K. While several sought alternatives or greener options, a few others remained loyal to BTC and continued embracing it. In a recent report curated by the Turkish central bank, it was noted that the power that the mining process consumes was highlighted as a major issue.
Turkish central bank’s latest plea to the government
As per Bloomberg HT, the Turkish central bank had laid out a report spotlighting the risks surrounding the crypto-verse. This list included about nine indicators for the government to look out for while regulating the crypto industry.
Volatility has been a major problem for the crypto market. Numerous individuals have steered away from the market citing its high volatile nature. Governments across the globe have expressed distress with regard to the same. Along with the bank noted that the anonymous structure of the cryptocurrency industry would act as a medium that facilitates illegal activities.
Irreversible transactions were another concern of the bank. The Turkish central bank also noted that digital assets were more prone to cyber-attacks.
Additionally, elaborating on the environmental damages, the bank wrote,
“In case of sufficient processing power, the possibility of creating new crypto-asset units (mining) causes high electricity consumption and this increases global warming.”