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Cryptocurrencies are being regulated all around the world, and we will see Turkey announce its expected regulation in January. The Treasury Minister’s statements have confirmed the timeline. Today, İş Bank CEO Hakan Aran made significant statements about cryptocurrencies. These comments show us how important the issue is.
İş Bank and Cryptocurrency
Speaking at the Future of Finance summit, Hakan Aran touched upon cryptocurrency regulations and their importance. As you know, the cryptocurrency regulations that have been said to be coming since the end of 2021 have not arrived even after two years. Moreover, there is no confirmed draft of the study yet. However, it is rumored that consultations have been made with local exchange authorities and some key figures.
Hakan Aran said the following about the current situation;
“The year 2008, when cryptocurrencies emerged, is not a coincidental year. It is also the year when the existing financial system collapsed. Cryptocurrencies are the product of a technological rebellion. They symbolize the revolt against the financial system that only works one way and supports financial actors without considering society.
Cryptocurrencies are highly volatile because they do not have the backing of traditional financial systems that have been established for 100, 200, or 500 years. Strong regulations are needed. We do not have the power to set rules in the current financial systems, but we can be one of those who set new rules. However, we cannot even be the rule-setter for crypto now. There is an opportunity ahead of us to pass a cryptocurrency law. I don’t think the view that there is no need to consult the traditionalists is correct. I believe that the greatest contribution will come from traditional finance players. If there is to be a legal regulation on this matter, I believe that banks should be consulted. Banks are the most reliable institutions, and I think the custody function can easily be given to banks.”
Turkey’s Cryptocurrency Regulation
The announcement of the regulation made by the Turkish branch of the Binance exchange in 2021 was very meaningful. It contained important clues about what the regulators were focusing on at that time. The current work probably aims to restrict global exchanges and does so to prevent the outflow of money abroad. However, the problem is that money does not leave the country in the way it was understood 10-15 years ago.
Money is stored on the blockchain, and the blockchain does not belong to any country. Moreover, we can even talk about the benefits that the demand for stablecoins brings to the central bank, which sometimes struggles to meet the physical foreign currency demand. Turkey could turn the process to its advantage by issuing its own blockchain-based currency, easily monitor flows, and use it as leverage from combating money laundering to planning economic programs.
Although there is much to discuss on this subject, it is also important not to prejudge without seeing the first draft in January. Let’s see whether steps will be taken for a global crypto world without Turkey or whether a Turkey that benefits from crypto will be built.
