Turkey President instructs research on crypto and metaverse

TL;DR Breakdown:

• The Turkish President, Recep Tayyip Erdoğan, has requested that the governing party examine cryptocurrency and the metaverse.
• Unlike in the past, the country now appears to be very interested in the cryptocurrency industry.

Recep Tayyip Erdoğan, the Turkish President, has directed the ruling party to study new technologies, including cryptocurrencies and the metaverse. The current directive follows an earlier meeting between the Turkish President and the President of El Salvador. 

The new directive came up at the AK Party’s board meeting chaired by the President. The Justice and Development Party (AK Party), which currently leads Turkey, is the country’s dominant political force. 

Turkey’s AK party dive into the metaverse

The government of Turkey is not the only one thinking about the intricacies, risks, and benefits of virtual assets and crypto coins. The Biden administration got on the same path earlier this week. Additionally, several nations are considering the creation of central bank digital currencies (CBDCs).

The President advised covering the particulars related to the metaverse and crypto. Aside from independently researching the topic, the President wants the AK party members to hold a panel. In addition, the metaverse has expanded significantly in Turkey.

Members of the AK Party appeared to be on board with the President. Last week, the party held its premier meeting in metaverse to discuss crypto regulation.

Turkey’s position on crypto

Turkey’s crypto adoption journey hasn’t been easy. Despite years of government warnings about the sector’s notorious volatility, crypto has exploded in popularity. Millions of interested investors have put their money into Bitcoin, Ethereum, and other alternative cryptocurrencies due to Turkey’s economic crisis.

Previously, Turkey had a generally unfavorable attitude toward cryptocurrencies. In April 2021, the country imposed a blanket ban on all transactions related to virtual currencies. The Turkish government cited security concerns as a reason for the ban. Furthermore, President Erdogan announced war against Bitcoin before Congress went into recess.

The Turkish Lira has lost more than half its value against the dollar. Turks are becoming increasingly interested in cryptocurrency, more like the Wild West. The most recent development suggests regulation rather than an outright blanket ban of the new technologies.