Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Crypto Trading
  • Cryptocurrency
  • News
  • Regulation

Turkish Crypto Bill On Its Way To Parliament Says, Erdogan

Alicia Maher December 25, 2021 3 min read

Turkish President, Recep Tayyip Erdogan, revealed at a press briefing yesterday that the country’s crypto bill was ready and would be with the parliament soon. However, the details of the supposed bill are not known. Currently, the Turkish economy is in a downturn; with the Lira losing over half its value, many citizens have turned to cryptocurrencies. 


trade now

A couple of months ago, the President had revealed that the government had concerns about cryptocurrencies and was not going to accept them as currency. Instead, the leader stated that attention would be placed on the nation’s fiat currency. The leader reiterated his plan to protect Lira deposits during the briefing yesterday, saying the central bank will protect the funds. When the leader initially made this plan known, it gave a temporary boost in the Lira’s value.

The State Of The Economy And The Reason For The Crash 

Erdogan revealed that the country is aware of the risks ahead of its plans but remains aware of the potential. The President believes that this potential makes the risk worth it. Still speaking, he said the path to get a grip on the exchange rate was not a sprint. Erdogan assured the Citizens that the government was taking the necessary steps to stabilize things.

The Turkish Lira has been in a massive downward spiral this year. A trend that started when Erdogan took office. Inflation has become a talking point for almost every economy this year as governments try to mitigate the effects of the pandemic. With many economies having to shut down for long spells, governments have had to engage in stimulus policies and refrain from tapering to incentivize economic activities and spending.

These steps, however, carry with them an inherent risk of inflation. In the case of Turkey, Erdogan has shunned any talk of tapering despite the alarming inflation. The government, however, has cut its rates consistently for the last four months, further compounding the situation. 

Citizens Turn To Crypto

Many Citizens have had to turn to cryptocurrencies to protect themselves against inflation. Within the period, the crypto trading volume of the country has spiked. There has been particular interest in Bitcoin and Tether USD. It is no surprise as many Bitcoin maximalists have called it digital gold. 

You would recall that in April, the government had placed a ban on the use of cryptocurrency for payments. The ban, however, did not restrict people from trading or holding them. The increased purchase of these tokens may be having adverse effects on the government’s goal to manage exchange rates.

The details of the proposed crypto bill are not known, but many pundits believe that a blanket ban is out of the question. In April of this year, the Turkish government had revealed that they would be launching their own CBDC in two years. The news was met with approval by many stakeholders. A professor at the time said that it was a step in the right direction, stating digital assets were gaining traction worldwide and that Turkey should not be left behind.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: All Seeing Seneca Is Likely To Launch A New NFT Collection
Next: FTX Issues Ten Proposals For Cryptocurrency Regulators

Related Stories

Polkadot (DOT): What Latest ‘Busy’ Efforts Mean for Investors
2 min read
  • Blockchain
  • Cryptocurrency
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Web3

Polkadot (DOT): What Latest ‘Busy’ Efforts Mean for Investors

August 7, 2022
Crypto Exchange Gaia Co. Is All Set To Launch Crypto ATMs In Osaka And Tokyo
3 min read
  • Crypocurrency Exchanges News and Reviews
  • Cryptocurrency
  • News

Crypto Exchange Gaia Co. Is All Set To Launch Crypto ATMs In Osaka And Tokyo

August 6, 2022
Australian Victorian Police To Get New Powers To Freeze Crypto From Criminals
3 min read
  • Cryptocurrency
  • News
  • Regulation

Australian Victorian Police To Get New Powers To Freeze Crypto From Criminals

August 6, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,133.00
5.04%
ethereum
Ethereum (ETH)
$1,773.68
5.19%
tether
Tether (USDT)
$1.00
-0.21%
usd-coin
USD Coin (USDC)
$1.00
-0.26%
binancecoin
BNB (BNB)
$330.00
5.76%
ripple
XRP (XRP)
$0.382742
2.79%
cardano
Cardano (ADA)
$0.55
5.51%
Binance USD
Binance USD (BUSD)
$1.00
-0.13%
polkadot
Polkadot (DOT)
$9.31
10.13%
dogecoin
Dogecoin (DOGE)
$0.071016
3.59%

Recent Posts

  • Zero-Knowledge Proofs – All You Need To Know
  • Polkadot (DOT): What Latest ‘Busy’ Efforts Mean for Investors
  • How to Earn Passive Income via DeFi
  • Crypto Exchange Gaia Co. Is All Set To Launch Crypto ATMs In Osaka And Tokyo
  • Australian Victorian Police To Get New Powers To Freeze Crypto From Criminals
  • FXCC Review – Is FXCC Scam or Satisfactory as a Broker?
  • Shiba Inu: SHIB’s Burn Rate and Binance Factor to Zero in On
  • GMPortal Review – Is GMPortal Scam or a Proper Broker?
  • Bitech Max Review – Is Bitech Max Scam or a Proper Broker?
  • Ellis and Burlington Review 2022 (ellisandburlington.com) – Should You Consider This Recovery Company?
  • Everything You Need To Know About Ethereum Classic (ETC)
  • TRON’S July Performance: Was It Impressive?
  • What is Metaverse Index (MVI)? A Beginner’s Guide
  • Ledger Seeks Additional $100M In Funding
  • Binance Account Bound Token Aims At KYC User Credentials

Categories

You may have missed

Zero-Knowledge Proofs – All You Need To Know
11 min read
  • Blockchain
  • Guide

Zero-Knowledge Proofs – All You Need To Know

August 8, 2022
Polkadot (DOT): What Latest ‘Busy’ Efforts Mean for Investors
2 min read
  • Blockchain
  • Cryptocurrency
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Web3

Polkadot (DOT): What Latest ‘Busy’ Efforts Mean for Investors

August 7, 2022
How to Earn Passive Income via DeFi
11 min read
  • DeFi (Decentralized Finance)
  • Guide

How to Earn Passive Income via DeFi

August 7, 2022
Crypto Exchange Gaia Co. Is All Set To Launch Crypto ATMs In Osaka And Tokyo
3 min read
  • Crypocurrency Exchanges News and Reviews
  • Cryptocurrency
  • News

Crypto Exchange Gaia Co. Is All Set To Launch Crypto ATMs In Osaka And Tokyo

August 6, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%