Inflationary Lira Currency, Turkish Government Immediately Drafts Crypto Law

JAKARTA – In the midst of the decline in the value of the lira, Turkish President Recep Tayyip Erdogan is reported to have confirmed the completion of a draft crypto law. The cryptocurrency bill will be submitted to parliament before being implemented in Turkey.

This action is one of the efforts to counter the falling lira, President Erdogan plans to implement a new economic model. This was conveyed by Erdogan at a press conference held in Istanbul.

"We will take steps on this issue by sending it to Parliament without delay," President Erdogan was quoted as saying by local media NTV.

Touching on the issue of the country's recent currency inflation, Erdoan said that currency events are not related to mathematics but a matter of process — implying the possibility and potential growth of the lira's value.

“With this understanding, we intend to channel it to a dry place. But the exchange rate will find its own price in the market.”

With the introduction of a new crypto law, the president envisions Turkey becoming one of the 10 largest economies in the world. Talking about rising prices in the region, he shared plans to keep up with people changing price list organizer labels several times a day.

"We want them to lower the dollar's gains now," he concluded.

On November 23, Bitcoin holders in Turkey avoided an accelerating currency collapse as the lira weakened 15 percent against the US dollar in one day.

As Cointelegraph reports, the fiat currency crash saw Bitcoin (BTC) hit a new all-time high against the Turkish lira. The BTC/TRY trading pair hit 723,329 Turkish lira on Binance.

The decline in the Turkish lira has had an impact on the country's economy. But cryptocurrency owners appear to be protected against inflation.