[2017-11-04] Turkish Central Bank President: “Cryptocurrencies May Contribute to

[Immakillya]

Turkish Central Bank President: “Cryptocurrencies May Contribute to Financial Stability”

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.

Central Bank of Turkey President Says Cryptocurrencies Could Contribute to Financial Stability

Turkish Central Bank President: "Cryptocurrencies May Contribute to Financial Stability"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.” 

President Erdogan and Turkey’s Failing Economic Policy Sparked Bitcoin Interest Last Year

The bitcoin economy in Turkey is growing according to many different sources. For instance, the country has a Turkish Lira-Bitcoin exchange, BTCTurk, and other infrastructure providers such as Payza, and Bitwala. Residents living near the Istanbul Ataturk Airport can also utilize the country’s bitcoin ATM as well. Additionally, according to Google Trends statistics, Turkey’s interest in bitcoin continues to rise every month.

Bitcoin demand in Turkey started gathering steam back in 2016 when the Turkish Lira had lost considerable purchasing power that year. At the time, president Erdogan tried to convince citizens to convert their foreign currencies back into the Lira.

Turkish Central Bank President: "Cryptocurrencies May Contribute to Financial Stability"
Turkish residents haven’t seen ‘financial stability’ in a long time. The central bank and president Erdogan’s failed economic policies have caused numerous cash shortages.
Turkish Economist: “There Is Serious Bitcoin Research Happening in Turkey”

Now bitcoin is seeing a lot more traction, as just last month the Miavita Beytepe apartment complex in Ankara, Turkey announced it will be selling luxury apartments for bitcoin. In addition to a few cryptocurrency exchange options, over-the-counter activity on Turkey’s Localbitcoins platform has grown exponentially. Following the statements from president Cetinkaya revealing information on the CBRT’s cryptocurrency researchers, the economist, and director of IS Investment International Markets, Shant Manukyan, confirmed the bank’s current investigation, stating:       

"There is serious bitcoin research happening in Turkey."

Like the many other central banks worldwide, the CBRT is admitting that policymakers are heavily examining cryptocurrencies. Cetinkaya’s statements, revealing the bank’s crypto-research group and saying the technology may be able to provide financial stability, is a good sign for bitcoin proponents located in Turkey.

https://news.bitcoin.com/turkish-central-bank-president-cryptocurrencies-may-contribute-to-financial-stability/

[Irvinn]

It is rare to meet the head of the Central Bank of the country positively responded to the crypto-currency, and even said that it can contribute to financial stabilization in the country. Turkey has indeed taken the policy of introducing crypto-currencies into itself. This is good news, because Turkey plays a significant role in this region and will be an example for many countries.

[SvenBomvolen]

It is rare to meet the head of the Central Bank of the country positively responded to the crypto-currency, and even said that it can contribute to financial stabilization in the country. Turkey has indeed taken the policy of introducing crypto-currencies into itself. This is good news, because Turkey plays a significant role in this region and will be an example for many countries.

Turkey is a big investor in the world and I suppose a lot of big investors in crypto-currencies are exactly from this country. That's just great that Turjey decided to go by the road of progress. I think this country and it's citizens will become even richer. Hope others will see all advantages of Bitcoin on Turkey example and stop to afraid of crypto-currencies.

[xFiber]

It is rare to meet the head of the Central Bank of the country positively responded to the crypto-currency, and even said that it can contribute to financial stabilization in the country. Turkey has indeed taken the policy of introducing crypto-currencies into itself. This is good news, because Turkey plays a significant role in this region and will be an example for many countries.

This is really good and to be honest I didn't expect it from a country like Turkey this early on. Turkey as a country does need some stabilization and crypto currency can contribute to a part of that problem.

[Granxis]

It is certainly very interesting for Turkey to say that these words are governed by a repressive and totalitarian regime. In the case of Bitcoin's legalization, the people will raise money to european countries. Turkey has a very large population of immigrants in european countries.

[Nameless27]

It’s one of a kind opportunity that the one who make a positive comment is a head of a central bank branch that we all know how the majority of them criticise bitcoin from the start. I don’t know how the board and the community of bankers will react on this one. This is a direct insult to the central bankers corporation community.

But we let this misunderstanding echoes to all and may start conflict, then will be happy watching them on that status. The headline would be nice if the “central banks officials are now on chaos”.

[jekjekman]

Another good development for the bitcoin market. Statements like these from
people with authority would really have a positive effect on bitcoin's price.
Soon more and more influential people will give their stand about the coin which
will make more people aware of crypto currencies.

[CyberKuro]

Luckily for bitcoiners who lives in Turkey. Indeed, it's so rarely for a Central Bank President support bitcoin and encourage financial sector to adopt bitcoin as he stated "Cryptocurrencies May Contribute to Financial Stability". As there are no complicated regulations regarding cryptocrrency, people could easily trade it and even they want to sell luxury apartments for bitcoin just like in Dubai few months ago. However, until a country issue a regulation which stated bitcoin as a legal payment or allows their citizens to use cryptocurrency in daily basis for business, etc, it just like like a spark, but we need a big fire

[BitHodler]

Luckily for bitcoiners who lives in Turkey, indeed, it's so rarely for a Central Bank President support bitcoin and encourage financial sector to adopt bitcoin as he stated "Cryptocurrencies May Contribute to Financial Stability".

He's not actually encouraging the financial sector to adopt Bitcoin, just read the article properly. It's nothing more than a thought of him that crypto currencies may contribute to financial stability, and that's it.

He also put out some sort of a warning against people using it, so it's somewhat of a mixed article. The only positive thing here is that they see potential usefulness in crypto currencies.

At this point it still doesn't mean anything since they might change from stance a month or two later, which is something other governments are doing on a frequent basis as well ~ reason enough to take it with a grain of salt.

[CyberKuro]

Luckily for bitcoiners who lives in Turkey, indeed, it's so rarely for a Central Bank President support bitcoin and encourage financial sector to adopt bitcoin as he stated "Cryptocurrencies May Contribute to Financial Stability".

He's not actually encouraging the financial sector to adopt Bitcoin, just read the article properly. It's nothing more than a thought of him that crypto currencies may contribute to financial stability, and that's it.

He also put out some sort of a warning against people using it, so it's somewhat of a mixed article. The only positive thing here is that they see potential usefulness in crypto currencies.

At this point it still doesn't mean anything since they might change from stance a month or two later, which is something other governments are doing on a frequent basis as well ~ reason enough to take it with a grain of salt.

Obviously, not encourage, but I just thought people could easily use crptocurrency in there.
As most countries don't have fixed regulations regarding cryptocurrency, but government and central bank start to pay attention to cryptocurrency especially bitcoin which gain so much value in this year. They have to regulate bitcoin and other coins in order to prevent illegal activities, fortunately President of CRBT has positive respond to cryptocurrency.

[Kemarit]

This is a very welcoming news if you are from Turkey. Imagine the head of your Central Bank seeing bitcoin as more of a positive thing that can really bring good things to the country. I'm sure that a lot of our Turkish bitcoin community love to hear this kind of announcement coming from Central Bank. On the other hand, other nations are attacking it, Turkish are embracing and what he said is somewhat true. I think they are building Turkey to be one of a central hub around their region and maybe attract a lot of investors in their country. We will see what happens next, but I'm sure that crypto activity will be booming next year in Turkey.

[sindikat]

Never believe that Turkey will allow legal use. Erdogan the dictator. Usually all dictators against bitcoin. Dictators don't like any kind of freedom. Why would they encourage a free economy? It seems to me that legalization of bitcoin can only be found in Japan and Sweden. But they can fall under US pressure and also to slow down the process. This week, Trump has appointed a new head of the Federal reserve system. It's not a good sign.

[darkangel11]

It is rare to meet the head of the Central Bank of the country positively responded to the crypto-currency, and even said that it can contribute to financial stabilization in the country. Turkey has indeed taken the policy of introducing crypto-currencies into itself. This is good news, because Turkey plays a significant role in this region and will be an example for many countries.

Turkey is a big investor in the world and I suppose a lot of big investors in crypto-currencies are exactly from this country. That's just great that Turjey decided to go by the road of progress. I think this country and it's citizens will become even richer. Hope others will see all advantages of Bitcoin on Turkey example and stop to afraid of crypto-currencies.

It is, but it also has a very unstable government. Not long ago there was a military coup with choppers firing missiles at the government buildings. Alos AFAIK their government likes to rule with an iron fist. People like that aren't often open to new technologies beside the ones that make their country stronger, so I'm astonished by their stance. Positively of course.
One of the reasons might be that they want to join the EU and EU used to support cryptocurrencies to some (limited) degree.

[Isaak Bitcoin]

Soon, their gold and foreign exchange reserves will be stored in a digital currency.