Crypto Enthusiast Kilicdaroglu And Btc Critic Erdogan In Turkey’s Presidential Election

Turkey’s Erdogan criticized for ‘inexclusive’ policies during his presidency

Since taking office in 2014, the current president has faced widespread criticism for some of his political decisions. First and foremost, despite Turkey’s membership in NATO, he steered the nation along a conservative course, separating it from the outside world and maintaining close ties to Russia. Another argument that the opposition might use is the volatile economic situation that existed in the transcontinental nation during his administration. While Turkey’s official currency, the Turkish lira (TRY), recently fell to a record low against the US dollar, its inflation rate is one of the highest in the world.

Kilicdaroglu: ‘I will bring democracy and freedom’ to Turkey

Kilicdaroglu seems to have a completely different political outlook than Erdogan does. He promised to bring democracy and freedom to Turkey. The 74-year-old politician could win the support of the Kurdish minority because the Peoples’ Democratic Party (HDP) would rather have him as president than Erdogan, making him the choice of younger generations. Kurds make up about 15% of Turkey’s voting population. A recent poll found that Erdogan could win with 43% of the vote, while Kilicdaroglu could win with 49%. In any case, an up-and-comer needs over half to be chosen, meaning a spillover could be on the cards

One more significant contrast among Erdogan and his opponent is their position on digital forms of money. We will examine how the domestic digital asset sector may be affected by the election results in the following lines. In September 2021, President Recep Erdogan said that the government opposes cryptocurrencies and has “absolutely no intention of embracing” them.

Turkish politician seeks to boost crypto amid Erdogan’s anti-crypto stance

Turkey is additionally among the various nations which have not forced far reaching management on the computerized resource area. The absence of rules was one of the elements that prompted the multi-billion embarrassment connected with the crypto trade Thodex.

Customers were defrauded of $2.6 billion by the company’s CEO, according to multiple sources, who fled the country. He was deported back to his home country after being captured in Albania two years later.

The Turks have shown an increasing appetite for digital assets (seen as an alternative to the depreciating TRY) despite Erdogan’s hostile stance toward crypto and the chaotic regulatory environment. In fact, interest increased with each anti-crypto policy the government implemented.

However, the current president’s controversial views make it unlikely that he will alter his position on the issue and give crypto his blessing.

Since the candidate has pledged to allow the domestic crypto industry to flourish, a Kilicdaroglu victory could significantly boost it. Additionally, he enjoys Web3 technologies. Additionally, Kilicdaroglu criticized the central bank’s decision to prohibit cryptocurrency as a payment method within Turkey.