Topic: Bitcoin legal tender in Turkey? (Read 234 times)

No, it won't happen anytime soon or it probably won't happen at all while Erdogan is in charge. Are you sure that this statement will change so quickly after Erdogan made it?


Everyone wants bulls while they can only fry problems like this pop up to make the hype grow again. But Russia actually caused the price of bitcoin to fall after China had previously banned cryptocurrencies. They are not wrong about what they want to see the price of bitcoin grow stronger, but they may not be able to accept bitcoin that have lost so much in price.

This will be a huge development for bitcoin if it pans out to be true that Turkey is finally adopting it as a legal tender. Because, a country like Turkey will always want to oversee and guide the movement of liquidity within its space and the nature of bitcoin goes contrary to this.

Well, let's watch and see what is going to happen but for all we know this might just be another rumor going around. I read on this forum and on few crypto news portal about few countries decision on adpting bitcoin as legal tender but even after months, I am not hearing anything after El Salvador's decision; also recently India president's twitter handle was hacked and used to announce about making bitcoin legal in India by that hacker.

Turkey is experiencing a chaotic economic crisis, they are trying to get out of economic chaos. The president is trying to win back the trust of the Turkish people. maybe by legalizing crypto turkey can get out of economic difficulties, crypto will become a legal tender.
If this is true, crypto will become legal tender, it will be a reference for other Islamic countries. because today many Islamic countries are guided by Turkish rice.

This is Spartaaa , ups Karma! 

And after those fake news (the tweet is deleted by now and the account is gone too)  we got this instead:

Russia set for complete ban on cryptocurrencies

So from a small jump we end with a medium dump, back to the Kazahstan story price level.
We need some serious push out of this situation, seems like we're going to have a lot of these waves for a while unless something changes.


Turkey has 26% exports rate to GDP it's not that bad, it depends a lot on the model of the economy, Australia, Japan, and even China have lower exports to GDP ratios, all of them 3 times lower than Congo, so take a guess what's better.

Also, how do you expect bitcoin to protect the country from inflation?

Turkey would need to buy bitcoins, of course, they could only do this with their Turkish lira, now what happens when you try to buy a foreign currency with your money that nobody wants? Another instance of the Weimar Republic when Germany couldn't get foreign currency it needed because their marks were worthless and they needed to print more to buy more $. If Turkey would be able to produce enough lira to buy bitcoins without crashing their own currency they would have already purchased $ but as you can see, it doesn't work. Trying to use funds to buy and use BTC would simply further evaluate their own currency till destruction and furthermore, they couldn't even hold onto those bitcoins as they would need it for trade, which would mean a vicious circle until there is not even dust left in the coffers.

It would work at a personal level, as it does right now for the personal finances of individuals, but you don't need legal tender status for it. On a country level, it will not be able to do anything other than worsen the situation short to medium term.

The lowering of interest rates against the prevailing high inflation is termed to be the core reason for the ongoing financial crisis. The country being 21st largest economy of the world can come out of the crisis, but it won't be a immediate thing to get changed. With a population of around 90million it has got good economic conditions. Some wrong decisions have caused it, and bitcoin could help positively if adopted. But, the chance is very minimal and the rise of cryptocurrency users have increased over time within the country.

Turkey's cryptocurrency trades top 1 million a day amid lira woes

It surprised me how some people believe in everything they read online especially on Twitter there are a lot of crypto influencers that will brought up some time out of the blue for self-interest.
Meanwhile, the person that posts the tweet has deleted it but I was surprised when I first saw this thread because the last time I Turkey news what I read is that they are planning to crack down on cryptocurrency exchange.

I once said that some governments will seek advice from the El Salvador President but some members of this forum disagree with me and I hope they are reading the news of Erdogan meeting with Bukele

We don't share rumors here without any sources. At best, this is just unfounded speculation or hearsay. At the least, some media outlets might already make a hint about what's happening, but apparently there isn't any talk about Turkey making such a move. Either way, it is possible that Erdogan considers bitcoin for Turkey, given the economic hardships the country has faced as of late. But until then, this is just rumors and speculation without solid proof.

I didn't read that news yet, is it confirmed? Recep Erdogan meet with the leader of El Salvador this week but so far I didn't see any big changes. Turkey is having a big inflation problem with no real solution at the moment. The corona crisis hit Turkey especially hard since the country focuses a lot on the Services and Tourism Sectors. It is not like Turkey has a lot of resources or is exporting a lot of products. Any shock to demand is sending the economy downward directly. On top of that is there political pressure on Erdogan himself. Going for bitcoins as legal tender could help to combat the high inflation but it would also mean that there will be a lot of pressure on Turkey to actually deal in crypto currencies. Turkey is much larger than Cuba or El Salvador, the size of bitcoins that would being used is also much larger.

According to the recent update i read, its their president that move further to seek from El-Savador's bitcoin while seeking for way out of their economy crisis but not stated that they wanted to adopt bitcoin as a legal tender, you can find attached below the link:
[Suspicious link removed]j.com/articles/turkeys-erdogan-meets-el-salvadors-bitcoin-boosting-leader-amid-economic-crisis-11642678083

There is no official announcement for bitcoin to be declared as legal tender in turkey but i see this news being spread over social media. I just wonder the current pump in bitcoin price can be due to this circulating news?
If this news turns out to be fake or a joke, then we may see another small dump in the bitcoin price.

Perhaps it's impossible because mostly of the news when it comes turkey are negative when it comes spreading bitcoin. I mean they still want to control bitcoin within the country base on my research and there's no significant information that they want to implement it as a legal tender and what i can see is a meeting to El Salvador only.  If i were you mate make research always to prevent false information.

Well, there could be surprises and we are open to such  but, I won't get all hopes up. Though Erdoğan might have visited Bukele on a different base, there are chances that the subject of bitcoin bitcoin how El-Salvador and El-Salvadorians are doing. A positive news might live a thought on the mind of Erdoğan as he considers other options in reviving his nation's economy.
Though, just like El-Salvador, I feel this news should not be kept a secret. The Turkish people should be given a chance to better prepare for a big change as that which is rumoured is one. For this reason, I feel its just a joke until its announced officially to the public.

This is just a joke.
I don't think Erdogan is planning to have a new legal tender any time soon, until last month the government was still looking for solutions for its people (as crypto investors) after the country's two local exchanges collapsed and and the changes in the economic structure were not related to bitcoin.

If you read the comments on the tweet it seems that this is a trick or a joke.
https://twitter.com/deltatoonne/status/1484170987578949634?s=21

He is meeting with Bukele but Turkey won’t be adopting bitcoin as legal tender any time soon.

Overreacting much?


Random guy on twitter!


He is meeting with him, it's not like every single president of a country that meets with Bukele will suddenly turn around from its policies and embrace bitcoin, common, he's not Jesus and even that won't work in Turkey or Qatar  
The reason for the meeting is the opening of the first consulate last year, nothing else, just like his visit to China, and w know what happen after.


And this comes from a person who is both bullish and financially involved here.

Besides:
Does somebody really expect Erdogan to accept he was wrong and change this? Not him!

For it being adopted early next month, they sure seem to be secretive about it. I would think they would let it be known publicly if it's something that's that important, and if it's not, they wouldn't be adopting it. So I am a bit skeptical as it's only ''insider'' info. It's not impossible, but until it really happens, I hold my excitement. I mean, there is a big difference between El Salvador adopting it, and Turkey adopting it. If Turkey did that, it would have much more impact.

Turkey is in the middle of a crisis, much Iike other countries as well, where the value of the their own currency is falling, thats expected of a pandemic certainly but we also have to understand the face that the president is trying to get support from wherever he can, thus he is meeting with the El Salvador's President and hopefully in the meeting they are going to be discussing their actions and he will see how it worked out for El Salvador. He Haven't said anything officially but it's been said that making crypto the legal tender would not really help the things to get along the way. I found the article but we still have to wait for the news : https://www.google.com/amp/s/www.wsj.com/amp/articles/turkeys-erdogan-meets-el-salvadors-bitcoin-boosting-leader-amid-economic-crisis-11642678083

If it's confirmed then please share the source of the information.

I read that they have a meeting with the president of El-Salvador but the agenda was not bitcoin or cryptocurrency.
So I would love to read the full information on where yours is coming from.

BREAKING:  TURKEY FINANCE MINISTER INSIDER CONFIRMED THE COUNTRY IS ABOUT TO ADOPT BITCOIN AS LEGAL TENDER EARLY NEXT MONTH