According to the past developments, the Turkish government seemed torn on whether to go for cryptocurrencies or impose a general ban on their action and use within the country. As for the central bank, there were both pro and anti-personnel leading the charge for the matter. Finally, it has been decided that the Turkish government will be ruling out the crypto ban and will unload more details about the matter in the course of two weeks, generally a well-thought-out strategy in terms of regulations that would be able to even out the matters for the use of cryptocurrency within the country is to land shortly. This will help the state and people come to terms with a general assortment of rules and regulations that apply in the case of making digital payments using cryptocurrency; this way, both will be on board with what they can do, and that is off the table.

Not a very Pleasant Situation for Cryptocurrency in Turkey Right Now

In a recent interview, the governor for the central bank, Sahap Kavcioglu, has clarified that the previous matter of banning the crypto inside out is not how the state wants to move to come to terms with digital assets. Also, it is not part of some elaborate plan where everything concerned with crypto is declared banned and outlawed. According to the governor, the further settlement of the matter will be made public over the course of 2 weeks, and till then, the ban will hold its integrity. The very reason why this ban exists is that the Turkish government doesn’t find it suitable that the general public should make digital payments using crypto without any regulatory effort thrown into the mix because of the extreme volatility the crypto market puts out. 

Despite a sense of assurance being handed out to the public that they will definitely reach a verdict over the course of two weeks, the investors and traders continue to make the best of these challenging times. The global panic that surrounds the use and legalization of cryptocurrency still exists despite the efforts made for the adoption of blockchain technology and decentralization. These are challenging times, and more will be revealed about the regulations or mechanisms that the Turkish government will be bringing on to tackle the issues of volatility with cryptocurrency.