Turkey is eager to become a blockchain hub. However, the same passion does not apply to cryptocurrencies, Turkish President Erdoğan recently said.
“We have absolutely no intention of embracing crypto”
On Saturday, Turkish young people from all over the country could asking questions to President Erdoğan. One person referred to the Digital Turkish Lira Collaboration Platform announced last week and asked if the central bank would embrace cryptocurrencies. He also asked Erdoğan for his opinion on crypto.
“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding:“On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”
Binali Yıldırım, the former prime minister of Turkey and deputy chairman of the Ak party, went on to explain that cryptocurrencies require strict supervision due to their potential risks.
Turkey first announced plans for a national blockchain infrastructure in 2019. Since then, the government and local authorities have taken a pro-blockchain stance. The government shared plans to create its own digital currency with tests scheduled for late 2021.
The Central Bank of Turkey has taken a big step towards its own digital currency by establishing the Digital Turkish Lira Collaboration Platform with three local technology companies.
However, President Erdoğan’s latest comments on cryptocurrencies mark a possible end to Turkey’s crypto-friendly era, in which several global crypto exchanges such as Binance and Huobi set up operations in the country.