Turkish President Says the Country is at War With The Crypto Space

Turkish President Recep Tayyip Erdogan said that the country is at war with the crypto industry.

Recep Tayyip Erdogan said that during a Sept. 18 meeting with students from 81 regions. Moreover, the meeting happened in Mersin city.

Note that the Turkish central bank inflicted a ban on digital payments in mid-April. This means that local firms are not allowed to carry out any transactions that involve the crypto.

During the meeting, the president said that the country “definitely” doesn’t have issues with the growth of crypto.

However, he cited regulatory uncertainty, high volatility, and crime as the key reasons behind the decision.

In addition, Erdogan noted that Turkey would keep its own money, which he thinks is part of the national identity and the country's growth.

What is more, these comments come after the central bank created a new platform for conducting research and test in a digitized way of the Turkish lira at the beginning of September.

According to reports, the project would undergo limited tests to determine its viability. As for the results of the pilot phase, it will be announced next year, 2022.