The Turkish Authorities Will Continue Their Fight Against Cryptocurrencies

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A ban on all transactions with Bitcoin and other digital currencies came into force in Turkey in April this year.

At the end of last week, Turkey’s president Recep Tayyip Erdogan promised to keep his fight against the cryptocurrency industry.

Ankara is not interested in the use of any payment instrument other than the Turkish lira in the domestic market. Therefore, the government, together with other supervisors, will prosecute companies offering digital assets storage and exchange services.

In parallel, Turkey is accelerating the implementation of a project to create an electronic version of the lira, Erdogan said during a speech to students.

According to him, at the beginning of September 2021, the tests of a platform for processing transactions with the CBDC pegged to the Turkish national currency were started. The regulator will announce the results of the tests next year.