Turkish finance ministry to study cryptocurrency with local regualtors
Regulators are taking a hard look at crypto in Turkey, but local experts welcome the oversight. Turkey made itself a name as a crypto-friendly country with a "wait and see" approach on digital assets, but that could be about to change as the government is now ready to take things in hand.The Turkish Ministry of Treasury and Finance went to Twitter to express concerns about cryptocurrencies and to announce collaborative work on the topic with several local regulators on March 1.According to the announcement, the ministry is working with the central bank alongside two financial regulatory....
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The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan.
Turkish President Wants the Ruling Party to Study Crypto and the Metaverse
Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship.
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The Ministry of Justice in Russia has, once again, not agreed to a draft bill put forth by the Finance Ministry seeking to ban bitcoin and introduce criminal liabilities to those who adopt, transact or mine the cryptocurrency. The Russian Ministry of Justice has disagreed with the bitcoin bill prepared by the Ministry of Justice, despite the bill being the second version of the draft, due to be entered into the State Duma – the lower chamber of the Russian Parliament. The first draft saw the Ministry of Justice disagreeing with some of the wording of the bill, specifically the lack of a....
The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The....
The legal draft places a minimum capital requirement for crypto businesses operating in Turkey. The Turkish Ministry of Treasury and Finance announced that a draft bill to establish a legal framework for crypto assets in the country is ready. Deputy Minister Şakir Ercan Gül announced that the crypto bill would be proposed to The Grand National Assembly of Turkey (TBMM), the unicameral Turkish legislature, at the start of the next legislative year in October 2021.Noting that Turkey is using a free-floating exchange regime — i.e. the value of the lira is set by the forex market — Gül said....
The Turkish Lira has fallen at least 5 per cent as reported by Reuters. This is a 3 week low against the US dollar. At the time of writing Turkish Lira was seen trading at 3.0300 Lira against the greenback. Coup Chaos. Earlier Turkish Prime Minister Binali Yildirim announced that the situation was under control and around 130 people have been put under arrest. There are reports of helicopters having been shot down over the Turkish Capital Ankara according to the BBC. The British Broadcaster also reports that the whereabouts of the Turkish military chief are currently not known. Meanwhile....