Cryptocurrencies Could Bring Financial Stability says President of Central Bank Of Turkey

Bitcoin is slowly emerging as the latest catchphrase in Turkey and even the country’s central Bank can’t shy away from the same. Murat Cetinkaya, the president of Central Bank of Turkey (CBRT) announced this week that they are closely monitoring the steps of this crypto form. He spoke about Bitcoins with much optimism which surely comes as a good news for the worldwide Bitcoin ecosystem. An Istanbul based news outlet reported that Cetinkaya feels that cryptocurrencies hold the ability to contribute increasingly to the country’s financial stability.

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CBRT has established a research group made up of Turkish government officials, digital asset market participants and regulators. The banking regulatory of Turkey explained that the current financial law of the country is not applicable to Bitcoins and thus Turkish citizens should take necessary precautions before using this currency. However Cetinkaya added a positive boost to such negative market sentiment by adding that cryptocurrencies such as Bitcoins could “contribute to financial stability.”

The Bitcoin economy has been growing by leaps and bounds in Turkey. The country proudly hosts Turkish Lira and Bitcoin exchanges such as BTCTurk as well as several other infrastructure providers like Bitwala and Payza. Turkish residents staying near the Istanbul Ataturk Airport can avail the services of Bitcoin ATM as well. Google Trends statistics, also throw light on the country’s increasing Bitcoin affinity which have been growing every month.

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Turkish government fell in deep soup back in 2016 losing a significant chunk of its purchasing power. It is since then that the importance of Bitcoin has been growing in this Middle Eastern country. President Erdogan then tried to propagate the utility of converting foreign currency into its indigenous Lira. Such decisions paved the path for further worsening of economic condition. Turkey has come a long way since then with Bitcoin being used off late to purchase luxury apartments.

Over-the-counter activity and cryptocurrency exchange options have also increased significantly in Turkey following the positive impetus provided by president Cetinkaya. Shant Manukyan, the director of IS Investment International Markets voiced support towards the investions taken up by the country’s central bank by stating that, “There is serious bitcoin research happening in Turkey.”

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