The head of Turkey’s central bank ruled out a complete ban of crypto assets and added that a good range of cryptocurrency-related regulations is on its way, Trade Moneta reported.
While speaking on state-run channel TRT, Governor Şahap Kavacıoğlu revealed, “You cannot fix anything by banning crypto and we don’t intend to do this.”
Kavacıoğlu’s comments come less than a week prior to a planned ban on the utilization of crypto assets for payments is due to enter into effect. The announcement of the ban, which came as the use of cryptocurrencies within the nation has soared due to a plunging lira, drew protests from the government’s political opponents.
The comments also came shortly after the detention of employees of two cryptocurrency exchanges that are being investigated by the govt .
Without giving details about the approaching regulations, Kavacıoğlu indicated they might clarify the legal definition of cryptocurrencies and regulate how they ought to be stored by institutions, Trade Moneta outlined.
The chief also outlined that the regulations are needed to deal with the “alarming” amount of funds leaving the country via crypto assets, the report concluded.
News of the country’s coming ban on cryptocurrency use for payments sparked a sell-off within the price of Bitcoin [BTC, +0.10%] partly on concerns that other countries could follow Turkey’s lead.