According to ABC Gazetesi, Recep Tayyip Erdogan, Turkish president, revealed that a bill, which regulates crypto is ready. The president said this at a meeting with business leaders and economists.

According to him, the crypto law will be sent to the parliament without any delay.

Sakir Ercan Gul, former deputy minister for finance revealed that Turkish regulations would model the frameworks that the U.S. and Western European countries are implementing. The crypto law will define different types of digital assets. Also, it will introduce measures for protection of investors.

In April, the central bank of Turkey published a decree that bans the use cryptocurrencies as a payment method. Erdogan mentioned that Turkey was “at war” with cryptocurrency in September. This remark caused a stir within the local crypto community.

On December 20, the Turkish lira crashed against the U.S. dollar. As a result, it lost more than 60% of its value since the beginning of the day. The aggressive monetary easing policy of the central bank contributed to this crash.  The same week, the lira increased beyond 50%. This is because of a savings scheme Erdogan unveiled and the great interventions of state banks.

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