Not all Countries’ authorities are sceptical about cryptocurrencies and metaverse

Now and then, we hear from authorities to take actions for or against Crypto by its regulations or sometimes even bans.

• Reports stated that Bitcoin and other cryptocurrencies in Turkey had gone up to approximately eleven times.
• Considering its risks and after evaluating it, Turkey’s policies seem neutral towards crypto usage across the country.
• The President recently instructed the ruling party to do a good and precise study of crypto and related innovations, considering them sensitive subjects.

Recently various countries or their authorities have taken steps or suggested putting strict restrictions on Crypto. Their arguments always consider digital assets being highly volatile and risky from an investment point of view and for use as regular currency in day-to-day lives. However, some considered it to be a delicate subject that needs more study and attention to provide fruitful results.

Turkey’s take on Cryptocurrencies and Metaverse

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Turkey is one of those countries, although not completely pro-crypto but not skeptical regarding Crypto. Recent reports stated about the meeting of the ruling party in Turkey in which President Erdoğan instructed to conduct studies on cryptocurrencies and metaverse. President said it’s a sensitive subject which needs a good, meticulous study.

The meeting of the Justice and Development AK party was on Tuesday, which is the current ruling party and led by President Erdoğan. In the meeting’s proceedings, the President told the AK party to check for new developments related to cryptocurrencies and metaverse projects. He further instructed us to establish particular forums to focus on those areas.

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Ömer Çelik, a spokesperson of the AK party, explained the issues that directly affect people’s lives and the economy. While the discussion, threats and benefits of the same come to notice, that’s why they need to be legally regulated. Further, he stated about the formation of a forum soon which will be under the leadership of the President. The forum will conduct discussions focusing on various aspects and dimensions of cryptocurrency and metaverse, technological, political, philosophical, and economic.

Recent takes on Crypto of various authorities. 

Swiss Bank UBS, Russian Central Bank, has recently warned about its risk and losses and even suggested bans on their usage. Although it’s just another perception of some authorities, there are a lot of countries, authorities, and officials that have positive approaches towards Crypto and want regulations to minimise its risk and remove threats related to digital currencies for safeguarding common users and investors.

Still, it’s not like Turkey is embracing Crypto wholeheartedly, it just does not want to miss any opportunity, and that’s why it wants to conduct deep and thorough research regarding the field. However, the country has been one of the leading adopters of Blockchain technology and a country with heavy crypto users, and the President has been vocal about its risk and volatility. So the recent steps can be taken as a positive approach of Turkey towards the new technology instead of refraining itself.