On the new crypto draft law in Turkey

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3 Jan 2024
46

Don't let the title fool you. There is no publicly announced draft law. Since Turkey switched to an arbitrary presidential system that has no precedent in the world, no law has been discussed in parliament or in public. Ideas conceived in the palace are drafted by a closed group and presented to parliament. It becomes a law without being discussed in parliament. That's why, except for a few people, no one in the country of 85 million people knows about this draft.
Why the sudden decision to draft a law in one of the countries with the most widespread cryptocurrency sector in the world?
There are many reasons. The most visible and defensible reason is the previous large-scale fraud incidents. Todex was the most famous, with a theft of nearly 2 billion dollars. A few examples like this should be enough to convince the public. But I think the real reason lies further back: taxation!

As it is known, the rapidly deteriorating Turkish economy and the rising dollar exchange rate are really bothering the government. So they are looking for a new source of funding without angering the young voters too much. Cryptocurrency trading, which has a serious economic potential, seems to be one of the fastest and most useful sources. After the local elections in March, we may encounter a surprise law. A new law that aims to tax rather than regulate the market.
It is clear that this will cause many problems and reactions in the first months. Because we are experiencing a process in which public opinion is not asked, openly discussed and experts are not taken into account.
You can ask again why thoughts and discussions are ignored: The government is pursuing the same goal as the cryptocurrency industry users: Fast and easy MONEY!

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