Turkish Central Bank President: “Cryptocurrencies May Contribute to Financial

[upsidedown75]

That totally falls in two ways. The country's banking regulator saying current financial law does not apply to bitcoin and cautioning the citizens not to use the currency which is very much expected as it is obviously disrupting the banking system.

All the above, looking at the president's enthusiasm towards the usage of cryptocurrencies like bitcoin and saying it could contribute to financial stability is where it gets better and that is really what we want to be hearing from the leaders. The truth!

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[dulce dd121990]

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.

That sounds really real. But hopefully they will not mingle or deal the bitcoin negatively that affects the us using the bitcoin. 

[beerlover]

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

I feel your plight and it is normal. However, looking as far back as 2009 and not judging with the present, I would not say what the president has said is untrue as so many people have gotten some stability financially whether we like it or not.

If we are to look at the volatility, we should also understand that bitcoin is decentralized and we are the ones who make this huge volatility what it is. However, you cannot compare the volatility years back to what we even have presently as the community keeps get strengthening which I feel is a plus and would even reduce the more as most countries starts showing their interest.

[BartS]

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.

But even if they decide against it and make it illegal they are not the ones that are going to make the choice, just look at what it is happening in countries where there is political instability, people decide to adopt bitcoin as a result in order to protect themselves and if things get as bad as you are predicting people are going to choose bitcoin over their local currency even if that goes against the wishes of their government.

[tunctioncloud]

It is great to see that finally some central bank director is not repeating that Bitcoin is bad because someone more powerful than him and living in the shadows had told him to. Hoping it will be the first of many !

[jaysabi]

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.

I haven't seen anyone make a convincing argument for how bitcoin is going to bring financial stability or economic prosperity (that second one I'm throwing in because I always see that argument too). I suppose if anyone making the argument were asked how, they wouldn't be able to come up with a good answer because they're too busy buying into meaningless hype without critically thinking about it. You know what is a stable and prosperous system? The financial system in the US that bitcoin proponents think it's going to radically improve. I don't see it happening, and they don't either, they just don't realize it because they've never been asked to justify the position before.

[voztata]

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.

Hmph… Yes, Bitcoin can help those who doesn’t want to work, I didn’t say that, you did lol. First of all, why would someone not want to work? As long as I’m concerned, anyone who doesn’t work is an idle man, and as the saying goes- and idle man is the devil’s workshop.

But let’s not go there and focus on what the Turkish central bank president said– Bitcoin can help boost the economy of a country financially, but not when the citizens of that country are losing their money in it. I believe that’s the reason some governments ban Bitcoin.

[krauzzer02]

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.

I think the complete ban is just imposed in the country of China but the complete one is just a rumor they just banned exchanges and ICO they are just planning to ban even the mining. there's no ban in the Philippines, BSP accepted and acknowledged the usage of bitcoin they even promote this one but your right about how btc spread like a wild fog, well they can't consider it as a contribution to the economy financial stability as the btc itself is not stable making the government triggered to ban bitcoin because of how cryptocurrency market works but rather they need to see it as an investment and an opportunity to innovate their current system. CBRT have a positive insight in btc they just warns their citizen about the risk factors that the btc have.

[Crypto-Age]

I live in Turkey and no regulation in Btc field.
This speech is only an opinion of the central bank.
There is not a development in btc in Turkey.. unfortunately.

[justdimin]

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.

That is really where the problem lies for most of them now. They underestimated the fact that bitcoin would get to the stage at which it is today and now stories are changing gradually.
I am sure most of these countries and CBNs would be regretting the fact that they ignored the digital currency rather than looking more into it and they even ignorantly dropped their support. Hopefully, they will start getting to realize what they have missed or what they will be missing.