Turkey’s President Erdogan To Send Encryption Law To Parliament – Report

Turkey’s President Recep Tayyip Erdoğan will send an encryption law to the country’s parliament, two European publications ABC Gazetesi and the Daily Sabbah reported on Friday. The law is ready, we will send it to Parliament soon without delay, ”Erdogan told reporters in Istanbul, according to ABC Gazetesi. Bitcoin and other cryptocurrencies have become increasingly popular in Turkey, where inflation has skyrocketed and the country’s currency, the lira, hit record lows against the US dollar earlier this year.

Many consumers have seen cryptocurrencies as a way around these problems. But the growing acceptance has challenged the authoritarian Erdogan, who has been seeking to strengthen the lira and bolster Turkey’s struggling economy. In April, Turkey’s central bank said it was banning the use of cryptocurrencies for payments, although it is still legal to hold cryptocurrencies in the country.

At the time, Turkey’s central bank governor Şahap Kavcıoğlu said that the country’s Ministry of Finance and Finance was developing regulations on cryptocurrencies but did not intend to ban them, according to the pro-government Daily Sabbah. The lira rose about 20% on Tuesday, a day after Erdogan announced measures to protect lira deposits.

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