Turkish Central Bank President: “Cryptocurrencies May Contribute to Financial

[sheld0n]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

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[BartS]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

This does not seem like a good news, since he is actively encouraging citizens of his country to not adopt bitcoin and to not use it, then he tries to rectify a little bit saying bitcoin can contribute to the economy and that is right, but bitcoin is going to contribute to help the people and not the governments that are there only to steal from the hardworking people which are always taken advantage of by politicians and bankers.

[digaran]

More countries will notice Bitcoin, and they will try to regulate crypto currency market. do I need to pay any tax on my unsold activity tokens? I'll need to mix them to avoid getting arrested for illegal activities. lol. when price hits $10K I guess more central banks will talk about Bitcoin, when price was $2000 all the powerful countries regulated Bitcoin exchanges. they are buying more Bitcoins, $3B+ volume in one day, miners are getting rich, I beg of you buy activity tokens on DEX Waves. I'm negotiating with theymos for implementing a forum currency and use my tokens. how's that for contributing?
Crypto currencies may contribute? it'll destroy your central banks you idiots. by 2030 Bitcoin will replace USD.

[squatz1]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

This does not seem like a good news, since he is actively encouraging citizens of his country to not adopt bitcoin and to not use it, then he tries to rectify a little bit saying bitcoin can contribute to the economy and that is right, but bitcoin is going to contribute to help the people and not the governments that are there only to steal from the hardworking people which are always taken advantage of by politicians and bankers.

Well the notion that he is right in is the notion that Bitcoin can help the economy, though it's not like Bitcoin is going  to be making jobs out of thin air. They're going to be taking jobs from other sectors, such as Credit Card processing, Paypal, etc and so on and so forth. Bitcoin is a pretty big net negative for the economy and for businesses.

And is it even suprising to see the HEAD OF THE FUCKING CENTRAL BANK being against something like this? He stands to lose all of his power if Bitcoin gains some traction in his country and takes over the #1 currency thing in their country. Sad, but it's true.

[pinkflower]

Did the Turkish president say how he thinks BTC can contribute to financial stability and why he thinks that is? I have been holding BTC for a while now, and its not contributing to my financial stability. Its good now because its on a bull run, but what if the bubble bursts?

There are other contributions that BTC can bring to society but because of high volatility, its not financial stability.

[kripton766]

Yes this is my country They started talking. More news will be forthcoming soon.

[mefulu]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

I'm following and good news is starting to happen. These are nice steps for bitcoin.

[Nahl]

so basically turkey government doesn't allowed their people to use bitcoin but after seeing good respond they looks change their mind with attempt to regulated bitcoin and possibly bitcoin will may have good contribute to turkey financial however sometimes i was jealous to see there was a country decide to accept and admit bitcoin because my country doesn't admit it and always be give suggestions to people to stop use bitcoin

[pitiflin]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

It's Turkey, people won't even bother to care on what they are doing just because of the fact it's Turkey. Had it been the untied states, all its wannabe followers would have done the same(Am not mentioning any country or name). Power matters a lot in this world and people who are willing to do good things for everyone are not given much consideration sadly. Turkey wants to do good but does media spread a good word about it? No. I just wish that countries like turkey recognize the value and the potential of digital currencies and make optimum use of it.

[BartS]

Bitcoin is trending in Turkey, and the country’s central bank officials are starting to notice. This week President Murat Cetinkaya of the Central Bank of Turkey (CBRT) said the financial institution is monitoring bitcoin closely, and spoke optimistically about digital currencies. According to local news outlets in Istanbul, the president of the Turkish central bank, the CBRT, said officials from the region are researching cryptocurrencies. Murat Cetinkaya explains that the CBRT has formed a research group consisting of digital asset market participants, Turkish government officials, and regulators. The country’s banking regulator has explained current financial law does not apply to bitcoin, but has cautioned Turkish citizens against using the currency. Now in a more positive light, president Cetinkaya says cryptocurrencies like bitcoin could “contribute to financial stability.” 

This does not seem like a good news, since he is actively encouraging citizens of his country to not adopt bitcoin and to not use it, then he tries to rectify a little bit saying bitcoin can contribute to the economy and that is right, but bitcoin is going to contribute to help the people and not the governments that are there only to steal from the hardworking people which are always taken advantage of by politicians and bankers.

Well the notion that he is right in is the notion that Bitcoin can help the economy, though it's not like Bitcoin is going  to be making jobs out of thin air. They're going to be taking jobs from other sectors, such as Credit Card processing, Paypal, etc and so on and so forth. Bitcoin is a pretty big net negative for the economy and for businesses.

And is it even suprising to see the HEAD OF THE FUCKING CENTRAL BANK being against something like this? He stands to lose all of his power if Bitcoin gains some traction in his country and takes over the #1 currency thing in their country. Sad, but it's true.

It makes sense that he is against bitcoin but at the same time governments should strive not to maintain their power but to help organize a better society, if they were honest and were serious about their mission they will understand that bitcoin is going to be a net positive for society since we are not going to need to have a government as big as it is now, but that is not what they care, they only care about their own well being and their own benefits which means they no longer fulfill its original mission and that is an even greater reason to make them smaller or in the case of some industries like banking to make them disappear.

[xdrpx]

When their central bank is actively researching on Bitcoin, it could only mean that soon they would form rules and regulations towards its use. Now, this is better than making Bitcoin illegal, but at the same time we're also in the blind as to whether the regulators would impose some form of fee or charge (In other countries they may prefer to tax it, but I'm not sure if the Turkish central Government would follow that path). I'm just curious to know if the central bank would treat Bitcoin as a currency, commodity or any other form of asset. I'm glad that they've left a positive statement about Bitcoin and I hope they release their outcome in the form of research papers online for everyone to read.

[warrior333]

I do not believe that it can happen. Erdogan the dictator. I don't know of any state which is ruled by an authoritarian regime and while he is loyal to bitcoin. Now Turkey is going through difficult times in relations with the EU. This means that the economy of this country will suffer. Who in such circumstances will be decided to weaken the economy by using bitcoin? No it will not.

[LeGaulois]

so basically turkey government doesn't allowed their people to use bitcoin but after seeing good respond they looks change their mind with attempt to regulated bitcoin and possibly bitcoin will may have good contribute to turkey financial however sometimes i was jealous to see there was a country decide to accept and admit bitcoin because my country doesn't admit it and always be give suggestions to people to stop use bitcoin

It's from the central bank not the president of the nation. Bitcoin started to be used more in their country when Paypal banned Turkey (or Turkey banned Paypal, I don't remember) Bitcoin has been coming as the most convenient alternative (at the time when the fees transactions were less at least). There are a lot of people making money online (freelancers, etc.) who started to use Bitcoin as it was the best solution for them.

Honestly, there is nothing to be excited about. It is just about creating a group of people to make research. Unofficially, they already did it long ago or started long ago for sure.

[salihno71]

Cryptocurrencies definitely appeared on the map of the large financial institutions. It yet remains to be seen what their steps will be.

[Razick]

I love how these central banks are making statements like oh ya we're looking into it when the fact remains that they have NO clue what they're talking about or what they're getting into. They were warned and had many times to research it, but everyone in positions of power ignored it because they thought there was no possible way that it could be where it is today.

[_Dawid_]

Wow, it is very interesting. Maybe it is a cause why the bitcoin's price after fork is still so high. By the way as long as their has formed a research group consisting of digital asset market participants wont discover that something is wrong with the crypto the bitcoin will gaining a popularity in this country i think. What will have definitely impact on its price and maybe other countries in this part of world. I am interested how long will it last. The histry show and learnt that the goverments are able to chagne the word quickly.

[winnersss]

Yeah, it started in China, the Philippines, and now we see a complete ban. So this while they see the pros, how the fog will dissipate, then they will move on to the next stage.

[ivrynx]

I think.they need to think it out, since bitcoin is currency, it can really contribute to a country's financial aspect, i think when it comes to regulation, since a lot of countries are doing well with bitcoin, i see that there would not be a problem, they can just modify their laws. This move will also open up new opportunities for their existing businesses, since everything is digital now, they can easily integrate a pyment of bitcoin in their system, thus bringing more income to them, and they might create a crypto coin of their own, since other countries had done it already, and it seems to be promising. I think warning their citizens will just promote them to use bitcoin, since the rest of the world are already investing in bitcoin, and soon the opd ideology when it comes to money, will be obsolete, they just need to look into the future.

[BartS]

Did the Turkish president say how he thinks BTC can contribute to financial stability and why he thinks that is? I have been holding BTC for a while now, and its not contributing to my financial stability. Its good now because its on a bull run, but what if the bubble bursts?

There are other contributions that BTC can bring to society but because of high volatility, its not financial stability.

Even if bitcoin is unstable the fact that it gives to you more money in your pocket is always a good thing, a person with money is a person with something that he could lose and that is a person willing to keep society running so they can keep those benefits, in the other hand someone without money is someone that does not care if society keeps running and may in fact wish to destroy it.

[fiulpro]

Its funny how the Turkish president is supporting bitcoins but at the same time he is not supporting it.
Its like they are doing everything to please the banks and digital currency possessing people at the same time.
Well they did gave one point right about digital currencies causing financial stability.
Also bitcoins are distributing money amongst the different sectors, those who are unable to do jobs can earn through them and those who can invest bitcoins provide a great investment strategy that might be harmful ^
Maybe this is wga he is alerting public about ( the rapid decline in prices Suddenly) it can fot sure cause a certain amount of distress so I think he choosed the right statements.