The crypto law, once executed, will establish a new economic model that can assist the lira to restore its value.
Turkey's President Recep Tayyip Erdogan is said to have endorsed the completion of a crypto law draft, which will be presented with Parliament soon for widespread adoption.
At a press conference in Istanbul, President Erdogan shared ideas to develop a new economic model to combat the decreasing value of the Turkish lira. Erdogan stated the crypto bill is ready, as per local media NTV, and added:
“We will take steps on this issue by sending it to Parliament without delay.”
Considering the country's latest inflationary episode, Erdogan stated that the currency event is not linked to mathematics but instead a matter of process, indicating that the lira's value growth is attainable and feasible:
“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”
The president expects that by implementing the new crypto law, Turkey will become one of the world's top 10 economies. In response to the region's increasing prices, he stated that he intends to follow the people who modify the labels of the pricing list organisers multiple times a day.“We want them to lower the dollar's increases now,” he said.
The Turkey lira dropped 15% against the US dollar in a single day on Nov. 23, saving Bitcoin holders in Turkey from a rapid currency fall.
As reported, the drop of the fiat currency led to Bitcoin (BTC) hitting a new all-time high against the Turkish lira. On Binance, the BTC/TRY trading pair hit 723,329 Turkish lira.