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Turkey To Ban Cryptocurrency Payments

Turkey’s central bank is also banning payments providers from offering fiat-to-crypto onramps for cryptocurrency exchanges. Turkey To Ban Cryptocurrency Payments

A new ban in Turkey will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges.

Related:

Bitcoin Searches In Turkey Spike 566% After Turkish Lira Drops 14%

According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.


 

The bank stated that “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.

While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.

Payments providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when it had first entered the Turkish market to provide a lira onramp for several different cryptocurrencies.

This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.

Historically, the Turkish government has always had a tight grip on the payments ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.

Crypto regulation has been a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that it was going to monitor the crypto ecosystem and work with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.

Turkey will ban the use of cryptocurrencies as a form of payment following months of economic turbulence that spurred locals to swap the local currency for bitcoin and foreign currencies.

Turkey’s central bank said Friday that cryptocurrencies are excessively volatile and can be used for illegal activities. The bank also said crypto assets are “neither subject to any regulation and supervision mechanisms nor a central regulatory authority.”

The move against bitcoin use comes amid a global rally in cryptocurrencies. Bitcoin, ether and dogecoin hit record highs this week. The U.S. listing of crypto exchange operator Coinbase Global Inc. drew increased appetite among individual investors around the world to buy and sell cryptocurrencies.

Cryptocurrencies such as bitcoin, which are independent of central banks and created by so-called computer miners, are seen as a threat to government issued currencies. China keeps a tight leash on bitcoin trading.

Nigerian officials said recently that the increasing use of bitcoin could erode the value of the local currency, the naira. Locals there have struggled to gain access to foreign currencies, turning to the black market or bitcoin, according to traders.

In Turkey, use of cryptocurrencies has added appeal after the lira fell sharply in recent weeks. President Recep Tayyip Erdogan abruptly fired the country’s central bank governor in March.

Bitcoin prices have more than doubled this year in dollar terms. The rise has been even greater in lira terms. On Friday, one bitcoin bought nearly half a million lira, according to CoinDesk, from 215,000 at the start of the year. Google searches for “cryptocurrency” in Turkey have shot higher in recent weeks.

Turks have also piled money into gold, dollars and euros as the country’s economy struggled. Mr. Erdogan has urged the public to invest gold and savings of foreign currency back into the Turkish economy.

“There is an element of keeping tight control on the payment ecosystem, especially in an environment where Erdogan is very keen for Turks to bring their money and gold out,” said Wolfango Piccoli, co-president of Teneo, a risk-analysis firm in London.

Turkey had about 2.4 million users of cryptocurrencies in 2020, with the most popular being bitcoin, according to a report by Turkey’s Information and Communication Technologies Authority.

Turkey has long maintained tight controls on methods of online payment, banning PayPal Holdings Inc. in 2016.

Ozgur Guneri, the chief executive of cryptocurrency exchange BtcTurk, said the new regulations would have a limited impact on his business because most cryptocurrency users in Turkey used the assets to store value, rather than make payments.

“From the user’s perspective they can continue to buy, sell or hold cryptocurrencies through cryptocurrency platforms,” he said. “I don’t see it as a long-term problem.”

The new regulation bans the flow of money from payment companies to cryptocurrency exchanges, meaning that users will still be able to exchange cryptocurrency through banks, a move that grants the government more visibility into the use of crypto assets. It will also limit the use of cryptocurrency in everyday life, experts say.

“The government doesn’t want money outflow outside of Turkey. They’re trying to define what a cryptocurrency is right now. They do not want to actually treat it as a currency,” said Turan Sert, an Istanbul-based researcher on decentralized finance and blockchain.

Because bitcoin can be exchanged between two people without the involvement of a central bank, it is nearly impossible for the government to police transactions, said Chris Bendiksen, head of research at London-based asset-management firm CoinShares.

The most the government would be able to do is track transactions when people go to swap cryptocurrencies for lira at exchanges. The policy will likely drive those trades underground, limiting the government’s visibility, he added.

“It’s like banning file sharing or banning certain words. It’s just not possible. You can say it—it doesn’t do anything,” he said. “This is going to be an expensive exercise of trying to enforce something this is unenforceable.”

The new rule comes after the surprise change of leadership at Turkey’s central bank. Former governor Naci Agbal said late last year that the bank was developing its own cryptocurrency, which was set for a test run in 2021.

Mr. Agbal was replaced in March after running afoul of Mr. Erdogan by raising interest rates in an effort to control inflation. The president has repeatedly expressed a desire for low interest rates as part of an unorthodox strategy designed to encourage economic growth.

The Turkish decision, first announced overnight in the government’s official gazette, goes into effect on April 30.

Turkish Central Banker Opens Up on Using Reserves To Buoy Lira

Turkey’s new central bank governor shed light on the use of foreign-currency reserves to support the lira over the past two years, as opposition parties step up their criticism of the strategy as wasteful.

Sahap Kavcioglu, installed last month after his predecessor’s abrupt removal, said reserves were utilized under a 2017 protocol with the Treasury to prevent “unhealthy price formations” and maintain a supply-demand balance in financial markets, according to state-run Anadolu Agency.

All foreign-exchange transactions took place at market prices and no organization or institution received “preferential treatment,” Anadolu cited Kavcioglu saying.

Rivals of Turkey’s ruling AK Party are demanding officials explain a drop in foreign reserves during the period that Berat Albayrak, President Recep Tayyip Erdogan’s son-in-law, was treasury and finance Minister.

Global banks including Goldman Sachs predict more than $100 billion of central bank reserves were spent to prevent a disorderly depreciation in the lira last year alone, when the currency came under pressure after a series of large rate cuts in a pandemic-hit economy.

“That money is in this nation’s treasury and the central bank,” Erdogan said last month. “There is nothing lost. Thank God, our foreign currency reserves have started to recover.”

Turkey’s total gross reserves, including gold and money held by the central bank on behalf of commercial lenders, dropped more than 15% since the beginning of last year to $89.3 billion in April. Net international reserves fell by more than 75% to $9.9 billion, while money borrowed from banks under short-term swaps reached tens of billions of dollars.

When money borrowed from local lenders via swaps is stripped out from net reserves, they fall below zero, according to Bloomberg calculations.

In a written interview after his appointment last month, Kavcioglu said the central bank would maintain its goal of boosting foreign-exchange reserves, and “may use reserve-boosting tools under appropriate conditions.”

Updated: 4-18-2021

Bitcoin Caught In The Crossfire As Turkish Opposition Leader Voices Support

After a blanket ban on crypto, Bitcoin is now a talking point for Turkey’s politicians.

Shortly after a Friday morning “diktat” from Turkey’s freshly-appointed central bank governor that effectively banned any and all use of cryptocurrency in the country, Bitcoin (BTC) now appears caught in a partisan dustup as a Turkish opposition party leader has voiced support for the digital currency.

As reported by Cointelegraph, Turkey’s central bank announced on Friday that starting April 30, any cryptocurrency payments and fiat-to-crypto onramp transactions will be rendered illegal. Additionally, “Any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be prohibited.

In a response to the drastic announcement, Turkish opposition party leader Kemal Kılıçdaroğlu came out in support of Bitcoin and cryptocurrency in general in a series of tweets:

“To whom did you consult the crypto decision, O ruler?” he asked, presumably referring to Turkish President Recep Tayyip Erdoğan, who has been referred to as an authoritarian and a dictator. “I will sit down and consult with all the stakeholders of this issue.”

He later noted that after conversations with “stakeholders all day,” he came to the conclusion that crypto was the most likely sector for Turkey to produce “unicorn” companies worth over $1 billion. He added that the announcement demonstrates the ruling party has “no tolerance for young people.”

Beyond its utility as a political talking point, the ban will have a material impact on many Turks. A survey in 2019 found that Turkey is one of the leading countries for cryptocurrency adoption (though that study has come under heavy scrutiny). It sports a lira-pegged stablecoin listed on multiple exchanges, and a local exchange, BtcTurk, even sponsors football clubs.

The writing may have been on the wall for crypto in Turkey, however. In an effort to gain control over the country’s payments infrastructure, Turkey banned PayPal in 2016. Likewise, plans were underway in 2020 for a government-run digital currency, and perhaps most noxious for Turkey’s rulers, BTC hit all-time highs against the lira earlier this year.

Turkish money has lost 70% plus of Its value in the last 6 years. 16% per year right now. #Bitcoin is Freedom
Dennis Parker (@Xentagz) April 16, 2021

Updated: 4-20-2021

Crypto Payments Banned In Turkey — Is This Just The Beginning?

Turkey’s vibrant ecosystem took a hit from the new crypto payments ban, and industry participants speak out on potential implications.

Buying something with Bitcoin (BTC) in Turkey will soon be illegal, and the topic of crypto payments has become a political debate since the Central Bank of the Republic of Turkey’s April 16 announcement that it will forbid the use of cryptocurrency as a payment method. The regulation, which will go into effect on April 30, also bans the use of digital wallet providers as fiat on-ramps for crypto exchanges.

Cointelegraph Turkey reached out to local blockchain and crypto industry participants for commentary. Ahmet Usta, chief editor of Blockchain Turkey Platform and co-author of Blockchain 101, described Turkey’s first crypto regulation as a “how-not-to-do” rather than a “how-to.” He told Cointelegraph Turkey that the central bank will prohibit two uses:

“The first one is to use crypto to pay for anything. The second one is specifically for payments providers and e-money companies. It prohibits providing crypto-asset trading, storage, transfer and export services and fund transfers made on these platforms.”

The negative tone of the announcement damages Turkey’s international reputation and reliability, Usta added, explaining: “The positive takeaway of the announcement is the definition of crypto assets within a legal framework for the first time.” Crypto assets are now treated as “intangible assets that are virtually generated using a distributed ledger or a similar technology and distributed over digital networks,” not as money.

Even the positive side of the regulation falls short, though according to him: “In the debate of using crypto assets in international trade, declaring that it’s not an instrument of payment may lead to problems later on.”

Comparing the decision of Turkey’s central bank to Russia’s crypto legislation, veteran finance journalist Erkan Öz clarified that cryptocurrencies are only banned as a form of payment and that it is still legal to trade them:

“Ankara wants investors to send/receive local currency to/from crypto exchanges only through banks. Thus, the government will put the brakes on possible unregistered transactions to help fight against the unregistered economy and financing of illegal activities, such as terrorism.”

Cryptocurrencies Are Not Money

According to crypto lecturer İsmail Hakkı Polat, this is the central bank’s way of warning people that cryptocurrencies are not monetary assets, no matter how often people call them kripto para (“crypto money” in Turkish) — thus, they can’t be used as a form of payment. In a Twitter thread, he noted that the new regulation limits innovation among banking firms and cripples the development of crypto payment startups in the country, such as DigiliraPay.

DigiliraPay is one of the local companies that has been directly affected by the new regulation. Its business model incorporates a Know Your Customer process and utilizes blockchain to enable the spending of cryptocurrencies for daily shopping.

“Sadly, we will have to stop our activity as of April 30, the day the regulation comes into full effect,” DigiliraPay CEO Serkan Bayar told Cointelegraph Turkey, adding: “In a time where globally known companies like Mastercard, Tesla, PayPal and Starbucks have started receiving payments via cryptocurrencies, we are deeply saddened that these services won’t be present in our country.”

Bayar explained that it’s impossible to avoid taxes within the DigiliraPay ecosystem because all transactions are written on the blockchain, fully open to any form of an audit. “The new regulation by the central bank does not focus on the needs of the market, and it will only delay the use of cryptocurrencies in our country.”

While its crypto payment operations will cease to exist, the DigiliraPay team aims to improve its business model and find alternative solutions to cope with regulation. Bayar further added: “We hope that in the not-too-distant future, this regulation will be removed so as to not miss out on opportunities like blockchain technology and the everyday use of cryptocurrencies, which Turkey urgently needs to catch up on.”

As for the “banking fintech firms” that Polat mentioned, they are largely unaffected by the new ruling. Semih Muşabak, CEO of central bank-licensed fintech firm Sipay, told Cointelegraph Turkey that “We need to update our planned progress accordingly.” Following the legislation, however, he clarified that: “We don’t think the regulation will hinder the access to crypto-related services for the end-users. People will still continue to use banks and other means to use crypto services.”

The second part of the ban essentially means users will be unable to use local PayPal alternatives (PayPal has been banned in Turkey since 2016) to deposit or withdraw money to and from crypto exchanges. Papara, a popular digital wallet provider — which was the only way to deposit fiat money in Binance when the exchange first entered the Turkish market — has become the highlight of conversation on Twitter following the central bank’s announcement.

“Over the last five years, more than a million users have used Papara wallet to deposit money in crypto exchanges,” said Ahmed Faruk Karslı, CEO of Papara. He further told Cointelegraph Turkey:

“If the aim here was to prevent malicious users from accessing their crypto assets, then I can say that it’s not the right decision. Because the measures we utilize to filter payments to the crypto-asset platforms are stricter than many banks. Millions of transactions have been made to this day, and there has not been even a single case of fraud among them.”

Crypto Exchanges Remain Largely Unaffected

Digital wallets are only one side of the fiat-to-crypto equation, the other being crypto exchanges. Yasin Oral, CEO of major Turkish exchange Paribu, believes it’s too early for either a positive or negative perception. “The regulation is more about payment providers and electronic money companies rather than crypto assets themselves.” He further added that the legislation does not really change anything for crypto exchanges.

The main reason that digital wallets were used as fiat on-ramps for crypto was the lack of partnerships between banks and crypto exchanges, Oral explained. Users were turning to digital wallets to send and receive funds 24/7, without the need to wait an extra day if their banks didn’t have a partnership with their crypto exchange.

Alexandre Dreyfus, CEO of Chiliz and social sporting platform Socios, stated that transactions via digital wallets like Papara count for less than 1% of its total volume, so the new regulation is unlikely to have a big impact on business for the platform. He told Cointelegraph Turkey: “We welcome any regulations and guidelines. Sometimes they bring their own issues, but it also provides a clear way and set of rules to follow.”

“We also believe that payments are not the only thing crypto stands for, and it can be utilized to create engagement and innovative solutions,” Dreyfus added, clarifying further that the use case for the Chiliz (CHZ) token is different, and hence, its business model has not been impacted by the looming ban.

A New Debate For Law Gurus

But what about the crypto exchanges that were planning to provide crypto payments? The day of the central bank’s announcement was very busy for the law department of the Turkish crypto exchange Bitci. Just 24 hours earlier, Bitci announced that Bitcicoin (BITCI), the exchange’s native token, could be used to buy a variety of luxury cars such as a McLaren, Cadillac, Bugatti, Tesla or Rolls-Royce, thanks to a partnership with Royal Motors.

Onur Altan Tan, CEO of Bitci, stressed to Cointelegraph Turkey that for now, more clarification is needed to understand whether the regulation actually prohibits using crypto for payments:

“There are different opinions. Payments are limited to assets qualifying as funds under Law No. 6493, and crypto isn’t defined as a fund in 6493. It is expected that the central bank will clarify implementation fundamentals.”

“Our business model is built on sellers and establishments instantly receiving the Turkish lira in their accounts while users make their payments via cryptocurrencies,” Tan explained, adding that: “We develop all our technologies in a way that supports the current system while not going out of the legislative regulations in matters like billing and taxation.”

Indeed, the central bank’s announcement was also made in preparation for a crypto tax law, according to Öz, as taxing investors would be much easier through banks. “I hope tax rates will not be so high and that the Turkish implementation will come close to the U.S. and EU regulations in the coming years,” he added. Usta also believes the announcement to be the first step toward crypto taxes, adding:

“We know that a tax regulation is inevitable, we just don’t know its shape and process. Payment and electronic money establishments being banned from the process can be interpreted as a foreshadowing for taxation from the source via bank channels, but that is just a prediction.”

The central bank’s move might also be a “temporary first step” into crypto, only to be properly updated once a more comprehensive regulation comes into effect, deduced Oral, adding that the central bank is simply making a point that: “My area of responsibility covers payment providers and electronic money companies. This way, I am drawing the lines beforehand, to be updated as necessary in the future.”

Çağla Gül Şenkardeş, founding member of Istanbul Blockchain Women and founder of consulting firm Durugoru, also questioned the permanency of the regulation: “It may hinder the developer role of our country in distributed ledger technology.”

She further added to Cointelegraph Turkey that: “We had many international blockchain and crypto companies as clients that were planning to invest in Turkey, and they will surely reevaluate their plans after the central bank’s regulation.”

What Would Have Been A “Positive Regulation”?

For Usta, the answer is pretty simple: “We should pave the way for innovation. It is obvious that regulations with negative verbs inhibit innovation and damage Turkey’s international reputation.”

Steps are being taken all over the world to integrate crypto assets into traditional systems, mentioned Usta. “We could’ve been in an exemplary and leading spot, not only for the country itself but for the region and the whole world. We still haven’t lost that chance.” He further added:

“It isn’t hard at all to take steps that will both protect our people and set an example to the world by consulting with experts, companies and entrepreneurs that are in the ecosystem, both in Turkey and the international stage.”

Instead of a total ban, there should be an active discussion with industry stakeholders to find solutions that will pave the way for growth within the industry, suggested Karslı: “Unfortunately, these types of prohibitions will only encourage users to utilize P2P platforms, which will result in an increase in the gray economy. I hope that Turkey will take quick actions against such risks and reevaluate regulations.”

Updated: 4-21-2021

Crypto Users Bicker After Turkish Exchange Abruptly Goes Silent

Turkish cryptocurrency exchange Thodex abruptly halted trading on Wednesday citing an unspecified partnership transaction, spurring complaints from users who can’t access their digital assets.

The exchange, which has been operating since 2017, said in an undated statement on its website that it decided to allow outside investment to serve clients better. Services will remain shut for about five working days while the share transfer is completed, but users needn’t worry about their investments, it said.

The statement didn’t identify the investor or the nature of the investment. Chief executive and founder Faruk Fatih Ozer didn’t respond to calls to his mobile phone during business hours.

The website’s suspension resulted in an immediate outcry from users of the exchange, where daily trading volume tripled to over $1.2 billion last Friday from a week earlier, according to data published by coingecko.com, which tracks data on price, volume and market capitalization on crypto markets. Trade statistics on Thodex couldn’t be independently verified by Bloomberg News.

Some users posted on social media that their investments were “stuck,” while dozens of other complaints appeared on sikayetvar.com, a popular online forum for consumer complaints.

Turkey Bans Cryptocurrency Payments, Says Risks Are Too Big

Thodex is one of the many local platforms Turks use to invest in crypto assets as they seek to hedge themselves against volatility in the local currency and high inflation. Earlier this month, the Turkish central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses.

Updated: 4-23-2021

Turkish Crypto Exchange Goes Bust As Founder Flees Country

One of Turkey’s largest cryptocurrency exchanges said it lacked the financial strength to continue operations, leaving hundreds of thousands of investors fearing their savings have evaporated as authorities sought to locate the company’s 27-year-old founder, who fled the country.

Confusion reigned about how many users of the Thodex exchange were affected and how much money was at stake. In a statement from an unknown location, Thodex Chief Executive Officer Faruk Fatih Ozer promised to repay investors and to return to Turkey to face justice after he did. The government moved to block the company’s accounts and police raided its head office in Istanbul.

Losses could be as high as $2 billion, according to Haberturk newspaper, and a lawyer for the victims said the money invested by about 390,000 active users had become “irretrievable.” Both figures have been disputed by Ozer. About 30,000 users have been impacted, he said in a statement on the company’s website on Thursday.

While authorities and customers tried to work out the details of what happened, a senior official in President Recep Tayyip Erdogan’s office called for rapid regulation of the crypto market. Globally, the surge in the prices of digital tokens has been accompanied by convictions and regulatory measures after various scams tied to trading platforms.

The Turkish government should take action “as soon as possible,” Cemil Ertem, a senior economic adviser to Erdogan, told Bloomberg. “Pyramid schemes are being established. Turkey will undoubtedly carry out a regulation that’s in line with its economy but also by following global developments.”

Alternative Investments

Thodex was part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2% in March, more than three times the central bank’s target of 5%. The Turkish lira has weakened 10% against the dollar this year, its ninth consecutive year of losses.

The government spent a massive $165 billion in foreign-exchange reserves over the past two years, Erdogan revealed on Wednesday, part of a futile effort to prop up the national currency. Concern about the country’s dwindling foreign-exchange reserves, which are negative when money borrowed by the government from private banks via swap agreements are factored in, has fueled concern about both lira and dollar deposits — and pushed savers into alternative investment vehicles.

Last Friday, the volume of trade in Turkish crypto markets tripled to over $1.2 billion from a week earlier, according to data published by coingecko.com, which tracks data on price, volume and market value on crypto markets. That compares with an average daily trading volume in the Turkish stock market’s benchmark index of about $3.1 billion.

“One can establish a crypto exchange with just 50,000 liras (about $6,000) in capital,” Oguz Evren Kilic, a lawyer representing Thodex users, said by phone. “There’s a huge regulatory gap in this field.”

Ozer didn’t respond to multiple calls to his mobile phone. The company’s call center also didn’t pick up calls. Bedirhan Oguz Basibuyuk, Thodex’s lawyer, told Bloomberg he doesn’t know where Ozer is but that he’s not in Turkey. Demiroren News Agency reported that he fled to Albania on Tuesday, publishing what it said was a photo of him at Istanbul’s airport.

Dogecoin Campaign

Last month, Thodex initiated a campaign to boost membership by offering millions of free Dogecoins to new registrants. Its website says 4 million of the coins were distributed, though many people have taken to social media to complain they never received them.

“I was born as one of the three siblings of a civil servant,” Ozer said in his statement, adding that he’s a high-school dropout. As the company ran into financial trouble, he said he thought about either committing suicide or giving himself up to authorities, but both of those options meant clients’ assets would never be retrieved.

“So I decided to stay alive and fight, work and repay my debts to you,” he said. “The day I repay all my debt, I will return to my country and give myself in to justice.”

Turkey Begins Manhunt For CEO of Collapsed Crypto Exchange

Turkey launched an international manhunt for the founder of one of its major cryptocurrency exchanges after he stopped paying clients and fled the country.

The Justice Ministry is seeking a so-called red notice under which Interpol would help find, provisionally arrest and return Thodex Chief Executive Officer Faruk Fatih Ozer from Albania to Turkey, state-run Anadolu Agency reported Friday.

Turkish police have detained 62 people in eight cities including Istanbul, where Thodex was based, while 16 others remain at large, it said.

In a statement from an unknown location on Thursday, Ozer promised to repay investors and to return to Turkey to face justice at a later date. The government moved to block the company’s accounts and police raided its head office in Istanbul.

Losses could be as high as $2 billion, according to Haberturk newspaper, and a lawyer for the victims said the money invested by about 390,000 active users had become “irretrievable.”

Both figures have been disputed by Ozer. About 30,000 users have been affected, he said in a statement on the company’s website Thursday.

Thodex was part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2% in March, more than three times the central bank’s target of 5%. The Turkish lira has weakened 10% against the dollar this year, its ninth consecutive year of losses.

Turkish Police Detain 62 Over Alleged $2B Thodex Crypto Exchange Fraud

After major Turkish crypto exchange Thodex abruptly halted trading amid fears of a possible exit scam, police have already detained 62 people across eight provinces and issued detention warrants for 16 more.

Turkish police have detained 62 people as they continue to investigate an alleged exit scam potentially affecting 391,000 crypto exchange users and roughly $2 billion in investments.

On Thursday, Cointelegraph reported that major Turkish crypto exchange Thodex had abruptly halted trading and withdrawals amid reports of police raids. On Friday, in addition to the 62 already detained across eight Turkish provinces, police issued detention warrants for a further 16 people, according to the Associated Press.

Istanbul’s chief prosecutor’s office yesterday announced it was opening a probe into the case following complaints from Thodex users who had lost access to their assets. Rumors have since been rife that Thodex owner Faruk Fatih Özer has fled the country with the intent of defrauding users of their estimated $2 billion total in crypto.

While confirming that he had indeed left Turkey for Albania, according to the Associated Press, Özer has denied all allegations and maintains he left for legitimate business-related reasons, ostensibly to meet foreign investors.

Özer has also attempted to counter fears of an exit scam by claiming that Thodex is the target of a “smear campaign,” contending that trading has been shut down due to an alleged cyberattack. The exchange had previously announced a six-hour-long maintenance break on Tuesday.

The Thodex story is unfolding during a pessimistic period for cryptocurrency users in Turkey, where a new ban, effective April 30, will prohibit holders from using their crypto for payments and will also prevent payments providers from providing fiat onramps for crypto exchanges.

Updated: 4-25-2021

Turkey’s Central Bank Head Says Crypto Regs Coming, Denies Total Ban Ahead

The head of Turkey’s central bank ruled out a total ban of cryptocurrencies and said a wide range of crypto regulations is coming within two weeks, Trade Moneta reported.

* Speaking on state-run channel TRT, Governor Şahap Kavacıoğlu said, “You cannot fix anything by banning crypto and we do not intend to do this.”

* Kavacıoğlu’s comments come less than a week before a planned ban on the use of cryptocurrencies for payments is due to go into effect. The announcement of the ban, which came as the use of cryptocurrencies in the nation has soared due to a plunging lira, drew protests from the government’s political opponents.

* The comments also came shortly after the detention of employees of two crypto exchanges that are being investigated by the government.

* Without giving details about the coming regulations, Kavacıoğlu indicated they would clarify the legal definition of cryptocurrencies and regulate how they should be stored by institutions, Trade Moneta said.

* The central bank chief said the regulations are needed to address the “alarming” amount of funds leaving the country via cryptocurrency, the report said.

* News of the country’s coming ban on crypto use for payments sparked a sell-off in the price of bitcoin (BTC, +3.8%) partly on concerns that other countries could follow Turkey’s lead.

Updated: 4-26-2021

Turkey’s Crypto Pain Grows With Second Exchange Collapse

Turkey’s cryptocurrency investors were dealt another blow at the end of a dismal week after a second big exchange collapsed in as many days and its chief executive was reportedly detained.

Vebitcoin has halted operations citing deteriorating financial conditions, and Demiroren News Agency said its Chief Executive Ilker Bas and three other employees have been detained. The Financial Crimes Investigation Board has blocked Vebitcoin’s accounts and opened a probe.

Vebitcoin is Turkey’s fourth biggest exchange with close to $60 million in daily volumes, according to CoinGecko.com which tracks data on price, volume and market value on crypto markets. More than half of this volume came from Bitcoin, which dropped 19% this week.

This week’s rout marks the worst period for Bitcoin since it tumbled amid a wider slump in risk assets at the end of February and analysts have warned of further losses. Even digital currencies that managed to eke out gains over the past few days, like Ether and Dogecoin, tumbled on Friday.

Vebitcoin’s collapse comes days after Thodex halted operations and its 27-year-old founder fled the country. Thodex had about 390,000 users according to a lawyer for the victims and losses could be as high as $2 billion, according to Turkey’s Haberturk newspaper.

The two exchanges were part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2% in March, more than three times the central bank’s target, and the lira has weakened more than 10% against the dollar this year — its ninth consecutive year of losses.

The daily volume of trade in Turkish crypto markets was close to $2 billion for Friday, according to data from CoinGecko.com. The boom has drawn attention from regulators.

Turkey’s Central Bank has banned cryptocurrencies as a form of payment from April 30, and the country has prohibited payment and electronic money institutions from mediating money transfers to cryptocurrency platforms.

Central Bank chief Sahap Kavcioglu said more regulations are in the pipeline in a televised interview on Friday. “We are working on regulations in terms of cryptocurrency,” he said. “There are disturbing money outflows to outside of Turkey via cryptocurrencies.”

Updated: 4-27-2021

Turkey May Establish Central Custodian Bank Following Alleged Fraud At Two Major Exchanges

Vebitcoin CEO Ilker Bas is reportedly in police custody, with Thodex owner Faruk Fatih Özer suspected to have fled to Albania.

Following the arrests of several employees at Turkey-based crypto exchanges Thodex and Vebitcoin last week, government officials are reportedly planning to establish a central bank authority which could custody digital assets.

According to a Bloomberg report, an unnamed senior official in the Turkish government said local authorities may be creating a central custodian bank aimed at eliminating counterparty risk for dealing in cryptocurrencies. The same source claimed that the government was also looking at instituting a capital threshold for exchanges and requiring executives at crypto firms to have a certain foundational knowledge of digital currencies.

The report comes as Thodex owner Faruk Fatih Özer is rumored to have fled to Albania following allegations of an exit scam which may have defrauded more than 390,000 users of the crypto exchange out of roughly $2 billion. Police detained 62 people connected to Thodex as the exchange said it would halt trading and withdrawals, while an international arrest order has been issued for Özer. Today, Albanian police raided a house in Tirana and detained two people who allegedly provided aid to Özer, but were unable to find the crypto exchange owner.

The state-run news agency Anadolu also announced employees from crypto exchange Vebitcoin were being held by authorities under similar allegations of fraud, later reporting that CEO Ilker Bas was among the four detained. Though Vebitcoin said on its website it would cease operations, Turkey’s Financial Crimes Investigation Board has reportedly already blocked Vebitcoin’s accounts and opened an investigation into the alleged fraud.

The arrests and restrictions from exchanges come after Turkey’s recently appointed central bank governor Şahap Kavcıoğlu effectively said he would ban cryptocurrencies in the country, a decree set to go into effect starting Friday. The order would reportedly prohibit holders from using their crypto for payments and will also prevent payment providers from providing fiat onramps for crypto exchanges.

Updated: 4-30-2021

Turkey Reverses New Rule On Dishonored Checks After Criticism

Turkey’s government on Friday reversed measures meant to prevent an explosion in the number of dishonored checks during the current Covid-19 lockdown after an outcry from Turkey’s largest businesses.

Hours after publishing a new law to stop companies from cashing checks dated until May 31, the government issued a new official gazette to say checks can be paid so long as debtors have sufficient funds.

The earlier decision had “shut down” all payments between firms that rely on short-term checks for cash flow, said Arda Tunca, chief financial officer of Eko Faktoring in Istanbul. The sentiment was echoed by Turkey’s largest business association Tusiad, whose chief said the measure could “paralyze the entire economy” if not reversed soon.

“We’ve been hearing complaints that even the certified checks cannot be paid” Rifat Hisarciklioglu, head of Turkey’s Union of Chambers and Commodity Exchanges said in a Twitter post.

Turkey’s Ministry of Trade said in a statement that the measures were intended to help out companies that might be affected by the Covid-19 lockdown that’s planned to last until May 17.

Updated: 5-2-2021

Turkey Jails 6 In Probe Into Missing Thodex Crypto Exchange CEO

The arrested siblings of the missing Thodex CEO reportedly own millions of dollars worth of crypto.

Turkish authorities are progressing with an investigation into local cryptocurrency exchange Thodex, which abruptly halted trading last week.

On Thursday, a Turkish court jailed six suspects pending trial, including siblings of the missing CEO and senior company employees, Reuters reported.

As part of the probe, Interpol reportedly issued a red notice for Thodex CEO and founder Faruk Fatih Özer, who had reportedly flown to Albania. “When he is caught with the red notice, we have extradition agreements with a large part of these countries.

God willing he will be caught and he will be returned,” interior minister Süleyman Soylu said.

Local authorities detained over 83 individuals suspected to be involved in the case amid growing concerns that Thodex was a scam after the platform halted money withdrawals.

Some suspects indicated that Özer’s siblings — Güven Özer and Serap Özer — could have been serving major roles in Thodex’s operations, noting that both had significant crypto holdings, local news agency Anadolu Agency reports.

Güven Özer reportedly holds nearly 22 million Turkish liras ($2.7 million) on two major local crypto exchanges including BtcTurk and Paribu. Güven reportedly served as an active executive at Thodex despite not having an official role at the company.

Serap Özer, the missing CEO’s sister, reportedly had over 120 million liras ($14.6 million) worth of crypto transactions on her Binance account between 2018 and 2021. She claimed that the account was not hers. Serap allegedly oversaw financial activities at Thodex.

As previously reported, the missing Thodex CEO is reported to have run off with as much as $2 billion worth of crypto, but according to the latest reports, interior minister Soylu said that the company’s portfolio totaled $108 million.

The news comes as the Turkish government hardens its stance on crypto, with the country’s central bank officially banning crypto payments effective on Friday. Another Turskish crypto exchange, Vebitcoin, also announced last week that it would be ceasing operations amid employee arrests and allegations of fraud.

Updated: 5-18-2021

Turkish Crypto Exchange Acknowledges 2018 Breach With 500,000 Users’ Data Stolen

Criminals tried to sell users’ names, ID numbers, emails and addresses on internet forums.

Major Turkish crypto exchange BtcTurk came forward about a data breach from mid-2018 that leaked sensitive information of over 500,000 users.

According to the official announcement, the stolen data set contains BtcTurk users’ names, citizen ID numbers, emails, addresses, birthdates and mobile phone numbers.

The stolen data set first appeared on an online forum for sale on Friday, with sample information as proof. The seller claimed that the information also contains user selfies with ID, a common approval requirement for crypto exchanges.

Over the weekend, users who came across their personal information in the sample data used Crypto Twitter to share their findings. At the time, BtcTurk denied the allegations and stressed that no current data breach was detected.

The company acknowledged the leaked user data on Monday, stating that the data set contains sensitive info of 516,954 users registered to the exchange before July 2018. BtcTurk said that users’ funds were safe. Shortly before the official announcement, the forum thread that was selling the leaked data was removed.

“The leaked data sample is related to a raw data extracted from our database in July 2018 that was about to be shared with one of our partners within the scope of the law.”

BtcTurk’s security team has deduced that a security breach within the storage medium caused the leak.

User passwords that are part of the leaked data set were irreversibly encrypted with a PBKDF2 algorithm, which renders any attempt to retrieve passwords impossible with current technology.

The announcement assured users that the balance info, bank accounts, ID selfies, financial passwords and other qualified info are safe. The exchange said that it is reaching out to potential victims of the data leak.

Updated: 10-21-2021

Turkey Central Bank Shock Has Strategists Eyeing Further Lira Drop

* Options Data Also Predict Lira At That Level Before Year-End
* Turkey’s Central Bank Delivered A Surprise 200Bps Cut Thursday

The lira may hit the 10-per-dollar level before year’s end after the Turkish central bank shocked the market with a rate cut twice as deep as economists predicted.

The psychologically important threshold “is within reach now,” said Per Hammarlund, chief EM strategist at Skandinavska Enskilda Banken. Options traders agree: there’s now a more than 60% chance that the lira will weaken to 10 before January, data compiled by Bloomberg show.

The Turkish currency stumbled as much as 2.8% to a record 9.4867 against the greenback on Thursday after the central bank cut its one-week policy rate 200 basis points to 16%. The reduction came after President Recep Tayyip Erdogan ousted a trio of policy makers opposed to his calls for lower borrowing rates.

Here’s What Strategists Are Saying After Turkey’s Latest Rates Decision:

Hans Gustafson, Swedbank:

“It’s impossible to have a lira forecast these days. How do you forecast a currency when there are no rules?”
“They’ll probably cut at the next meeting in November, but it’s not that important any longer. They now have their own rules of the game and this is getting closer to a real balance of payments crisis with hyper-inflation”

Henrik Gullberg, Coex Partners:

The easing cycle “will end only when influential people are sufficiently fed up and they talk to the President, such as corporate leaders, whose support Erdogan is dependent on”

“It’s hard to say what level, but there must be a limit to how much lira depreciation corporates can stomach”

Nick Stadtmiller, Medley Global Advisors:

“If they were done easing, they would have signaled this clearly in the statement. The fact that they referred to limited room for further rate cuts tells me they intend to ease policy a bit more in the coming two months”

“The lira will probably go past 10 per dollar this year, although the pace of depreciation will be slower than in previous episodes,” because depreciation will now likely result from domestic capital flows
“Foreign ownership of lira assets is already so low that there isn’t much room for further foreign capital outflows from Turkish markets”

Per Hammarlund, SEB AB:

“To be fair, the central bank had some room to cut. Credit growth has slowed and money-supply growth too, pointing to lower inflation ahead. However, to cut this aggressively when inflation is still rising further undermines the credibility of the central bank”

“Unless the central bank signals an intention to slow the cuts, USD/TRY will spike well above 10.00”

Cristian Maggio, TD Securities:

“Both the market and the economist consensus were positioned for some large-scale moves today, but 200bps appears to have come beyond the more pessimistic-end of the spectrum of expectations.”

“We think the CBRT is throwing the market a bone by letting investors know that there may be smaller cuts, or no cut at all, in the upcoming meetings this year. We believe this is just to manage expectations and therefore contain the lira selloff. Eventually, the CBRT will respond to lira performance more than the inflation dynamic”

“As the CBRT decision cannot be explained by any fundamental consideration, it has to be classified as a policy mistake, and one of a political nature. Therefore, the Turkish curve is likely to steepen substantially”

Liam Peach, Capital Economics:

“Any remaining confidence in the credibility of Turkey’s central bank was shattered”
“The risk of another balance of payments crisis akin to that in 2018 will continue to grow”

 

Updated: 10-28-2021

Millions Of Crypto Traders Beckon A Brokerage Newcomer In Turkey

* BtcTurk Hopes Millions Of Crypto Traders Will Trade Stocks Too
* Brokerage Eliptik Yatirim Plans To Launch In The First Quarter

The owners of one of Turkey’s biggest crypto exchanges have established a securities brokerage, offering its millions of clients new options to satisfy their trading itch.

Istanbul-based BtcTurk emerged largely unscathed from a crisis half a year ago when two local cryptocurrency exchanges crumbled in the space of a few days. It now wants to parlay demand for digital assets into new areas like stocks, according to BtcTurk Chief Executive Officer Ozgur Guneri.

Turkey’s market regulator approved the establishment of Eliptik Yatirim Menkul Degerler AS, owned by crypto technology firm Liberium, a sister company of BtcTurk.

The firm will “provide capital market access for our more than 4 million users,” Guneri said by phone on Thursday. It will offer trading in major stocks on Borsa Istanbul and Nasdaq and plans to provide access to some Turkish futures and options contracts.

“Eliptik won’t employ any sales staff nor it will provide research,” Guneri said. “We believe in self-service finance — we won’t call anyone to market this or that idea, but will be within fingertip reach when clients want to trade.”

Cryptocurrencies have grown in appeal for Turks as declines in the lira and spiraling inflation sap the value of their savings. Turkey’s currency is the worst performer in emerging markets this year with a loss of about 22% against the dollar.

BtcTurk, which competes with Paribu, had a daily trading volume of 16.6 billion liras ($1.7 billion) over the past 24 hours, according to data provided by the website 21milyon.com. Paribu ranked second with 9.11 billion liras.

Eliptik plans to start its services in the first quarter of 2022 pending another approval for an operating license.

Updated: 11-18-2021

Turkey Currency Crisis Threatens Economy, Posing Challenge To Erdogan Rule

Lira slides to record low after central bank cuts rates again.

A currency crisis is shaking Turkey’s economy, imperiling President Recep Tayyip Erdogan’s nearly two-decade-long grip on power and upending living standards in a country that had enjoyed years of growth.

The Turkish lira hit a record low against the dollar on Thursday after the Central Bank cut a key rate by one percentage point. The currency has lost more than a third of its value since March and is the worst-performing major emerging market currency this year so far.

The depreciating lira is a self-inflicted wound for Mr. Erdogan, who has pushed for lower interest rates as part of an unconventional economic strategy that he argues will encourage growth.

Thursday’s rate cut was the third in three months and came after the president fired a series of senior officials who opposed his unorthodox economic vision.

“It’s just crazy, there’s zero justification for this move as there’s been zero justification for the rate cuts we’ve seen so far this year,” said Timothy Ash, an emerging markets strategist at BlueBay Asset Management. “Erdogan is running monetary policy on his own.”

Mr. Erdogan, who rose to power championing Turkey’s middle class, is now facing one of the most serious challenges to his rule since he first became prime minister in 2003. Pressure on wages and the rising cost of basic goods like food, medicine and energy has eroded support for Mr. Erdogan, driving away voters who once backed him.

Turkey’s economy has experienced turbulence in recent years because of a failed military coup in 2016, instability resulting from wars in neighboring Iraq and Syria, and a downturn in tourism during the pandemic. But the current turmoil poses a unique set of risks to Mr. Erdogan.

“We are living a catastrophe. Everything is so expensive. Our currency is crushed. Our money lost all value,” said Ayse Kaya, a 60-year-old resident of Istanbul.

The president’s approval rating dropped to 38.9% in October, down 2.5 percentage points from the previous month, according to MetroPOLL, a leading Turkish polling firm.

Turkey’s two top opposition leaders called on Wednesday for an early election amid the growing turbulence in the economy. The next election is slated for 2023.

The president is subject to a two-term limit that would rule Mr. Erdogan out of the next election. But some analysts say an early election, which he would have to call, might actually allow the incumbent to bypass that ban.

Others believe he could find a legal workaround to the term limit and run again in 2023 anyway. Mr. Erdogan hasn’t said whether he is running.

“This government does not stand a chance. Their votes are melting away by the day. They know it and we know it,” said Ugur Poyraz, secretary-general of the center-right opposition Iyi Party.

Mr. Erdogan has pushed back against critics. Earlier this week, he said, “We wrote the book on the economy and continue to write it.”

The president argues that lower interest rates will spur growth, a vision shared by some within his ruling Justice and Development Party. Earlier this week, Mr. Erdogan also cited a religious prohibition on usury as he intensified his critique of high interest rates.

The central bank’s repeated interest-rate cuts have added to inflationary pressures in Turkey. Inflation reached nearly 20% in October, according to official measures.

Economists and investors are increasingly concerned that rapid inflation could pose risks for the broader economy. The weakening currency makes it harder for Turkey to repay its foreign debts. Ankara must repay or renew debts equal to about a quarter of its gross domestic product over the next year.

‘Erdogan is running monetary policy on his own.’
— Timothy Ash, emerging markets strategist at BlueBay Asset Management

Turkey’s economy has certain advantages, including a current account surplus resulting from exports including vehicles, machinery, and iron and steel and a continuing recovery in tourism that could help prevent a more chaotic economic slide, but economists fear that inflation could overwhelm those supports.

“The Central Bank of Turkey chose a rather dangerous path of easings despite escalated inflation, depreciating lira and elevated risks,” said Selva Demiralp, a professor of economics at Istanbul’s Koç University and a former economist at the Federal Reserve Board.

The lira is on course for its ninth consecutive year of declines. Investors say they have lost confidence that the central bank would be able to increase interest rates to a level near or above inflation.

Usually central banks raise interest rates to fight inflation, since it makes borrowing more expensive, slowing down the economy and reducing demand for goods and services.

Higher rates also attract capital into an economy, strengthening the currency and causing the price of imported goods to drop.

Raising interest rates also increases costs for borrowers, a significant issue in Turkey where household debt accounted for nearly 18% of GDP by the end of last year.

In the past, senior officials have talked Mr. Erdogan out of further rate cuts or stepped in to reverse his policies, but the president has narrowed his circle of advisers, former associates say.

He has fired three central bank chiefs in three years and replaced other top officials. Mr. Erdogan fired the previous central bank chief, Naci Agbal, in March of this year after he raised interest rates.

“I cannot walk with those who defend interest rates,” Mr. Erdogan said earlier this week.

The speed of the lira’s slide is reminiscent of a 2018 currency crisis, in which the lira fell by almost a third. A rapidly weakening currency is likely to further boost inflation, as necessary imports such as food and oil become more expensive to buy in the local currency.

Lack of confidence in officials to control inflation is spurring locals to switch lira for foreign currencies. Over half of the deposits in Turkey’s banking system are held in foreign currencies, according to central-bank statistics.

“Trust in Turkish lira is diminishing every day,” said Kerim Rota, a former assistant general manager of Akbank, one of Turkey’s largest lenders, and now an official with the opposition Gelecek Party, or Future Party. “No one wants to hold Turkish lira in their bank accounts.”

Updated: 11-19-2021

Turkey Makes The Case For Bitcoin As Erdogan Runs The Autocrat’s Inflation Playbook

The longtime ruler’s unhinged monetary policy follows a familiar pattern – and it’s pushing some Turks toward bitcoin.

Bitcoin trading volumes are rising in Turkey as the increasingly authoritarian government there goes diligently about the work of setting its currency, the lira, on fire.

Turkish President Recep Tayyip Erdogan, who has retained power since 2003, has to all appearances lost his mind: With inflation sitting at around 20%, Erdogan yesterday lowered Turkey’s key interest rate to 18% from 19% (no, not a typo), instead of raising them to tighten the money supply.

Currency markets have responded decisively to the expected move, with the lira losing 10% of its value against the U.S. dollar since Monday. Some Turkish citizens decided to take their business elsewhere: BTCTurk, one of a handful of local exchanges offering lira/BTC trades, has seen a noticeable uptick in volume, according to public data. That interest comes despite the recent collapse of two other Turkish exchanges, one in an apparent exit scam.

Erdogan’s government banned crypto for payments in April, but owning crypto is legal in Turkey – at least for now. Sadly, the logic of the current situation may push Erdogan to tighten further, as any open lira/BTC trade could put further downward pressure on the lira by enabling capital flight.

Erdogan has reportedly claimed that lowering interest rates – which makes money cheaper and more plentiful – will somehow curb inflation. But his reasoning is opaque. He recently referred to interest as the “devil,” perhaps an oblique appeal to Islamic morality in the face of economic reality.

“It’s just crazy, there’s zero justification for this move as there’s been zero justification for the rate cuts we’ve seen so far this year,” an asset manager told the Wall Street Journal. “Erdogan is running monetary policy on his own.”

It’s not hard to infer Erdogan’s actual motive for (more or less) letting the money printer go brrr: Keeping rates lower is one of only a handful of tools he has for shoring up Turkey’s economy.

Turkey has seen short-term hits to its economy thanks to regional instability and COVID-19, which has devastated tourism.

The longer-term picture is even more shocking: Since 2013, Turkey’s GDP has plummeted from more than US$950 billion to $720 billion, partly thanks to instability after a failed coup against Erdogan in 2016.

Erdogan’s attempts to ramp things back up have been deeply unorthodox for years, particularly relying on unsustainable levels of debt throughout the economy.

And Erdogan no longer has an independent economic council to push back after firing a series of central bank governors who wouldn’t get in line. That makes the current wave of instability all the more dangerous for lira holders.

Erdogan’s Turkey is fast becoming a case study of bitcoin’s potential benefits for residents of countries with fragile currencies, or authoritarian leaders likely to pursue short-term political gain through inflationary policies.

Luckily, Turkey is closely tied to Europe, and Turks currently have at least some access to dollars and euros to protect their wealth. In many other similarly troubled regions, that luxury is hard to come by, leaving bitcoin the only option.

Updated: 11-20-2021

Turkey’s Currency Crisis Raises Cost of Living, Threatens Financial System

Steep drop in the value of the lira is driving up the prices of food and medicine, jolting the country’s economy.

Turkey’s currency crisis is driving up the cost of food, medicine and other essentials for average Turks, and poses a threat to the country’s banks and large companies if the lira’s slide isn’t arrested, economists said.

The steep drop in the lira, which has lost more than a third of its value to the dollar in eight months, is shaking a Turkish society that had long prided itself as an ascendant economy that rivaled its European neighbors.

Ordinary people are now struggling with a decline in their living conditions, with rampant inflation putting pressure on wages and eating into savings.

“My life is completely changed,” said Kemal Ince, an Istanbul shopkeeper who hails from Rize, the conservative Black Sea stronghold of President Recep Tayyip Erdogan.

Mr. Ince says that he is ashamed to have to increase the prices of coffee, olives and cheese, and that even as he charges his customers more, he still feels squeezed.

“I don’t have the luxury of spending money on anything,” he said.

Soaring inflation and the depreciating lira have been triggered by interest-rate cuts demanded by Mr. Erdogan as part of an unconventional economic strategy that he argues will encourage growth. Generally, central banks raise interest rates when inflation is high to cool off demand.

However, Turkey’s central bank cut interest rates for the third time in as many months Thursday despite inflation reaching nearly 20% in October.

Turkey’s current crisis is the worst the country has faced since 2018, when the lira also dropped precipitously amid a crisis in relations with the U.S.

Worries over potential loan defaults—and stress on banks—were so high in 2018, the country’s banking regulator allowed lenders to extend loan maturities and facilitate debt restructuring.

Turkey’s major banks and companies—many laden with big foreign-currency loans—now face longer-term risks of instability if Mr. Erdogan continues down the path of cutting interest rates further, economists and businesspeople here said.

“These kind of imbalances might end up with a run on banks,” said Omer Gencal, a former executive at several Turkish and international banks and now an official with an opposition party. “The current situation isn’t sustainable.”

Turkish banks face the problem that companies carry a large foreign-currency debt. The more the lira drops, the harder it is for borrowers to pay down their loans in U.S. dollars or euros.

According to the Turkish central bank, nonfinancial companies had about $160 billion in foreign-exchange assets and $280 billion in liabilities as of August. The gap has narrowed since 2018, though it is still wide.

Banks’ lending in foreign currency ranged from 24% to 45% of their total loans in the first half of the year, according to Fitch Ratings.

While banks have kept their nonperforming loans in check, including through the pandemic, Fitch warned in a report last month that “risks remain high given exposure to the volatile Turkish operating environment, risky segments and sectors, significant foreign-currency lending and the high lira interest-rate environment.”

Jason Tuvey, senior emerging-markets economist at Capital Economics, however, said the greatest threat for Turkish banks is their ability to rollover their external debts if investors get increasingly spooked.

Short-term external debt of banks stood at $84 billion, or close to 10% of the country’s gross domestic product. Mr. Tuvey said April next year will be a key month for banks, given some of that debt will be due then.

Mr. Tuvey said that back in 2018 banks were able to draw down their foreign-exchange assets held at the central bank to meet external debt repayments.

“The upshot is that banks would be able to muddle through for a short period as in 2018, but they may struggle to cope if access to international capital markets were to be restricted for a considerable amount of time,” Mr. Tuvey said.

Turkey’s large companies may be able to cope with the crisis for the moment because of foreign-currency reserves that he said might be even larger than official figures show, an ability to pass costs onto consumers, and government assistance including loans, according to Hakan Kara, a former chief economist at the central bank.

“The corporate sector is more resilient than it looks on paper,” said Mr. Kara.

The crisis has fallen hardest on ordinary Turks, many of whom are swapping their earnings into foreign currency or looking for ways to leave the country.

“I have no confidence left in the Turkish lira because we cannot see what lies ahead for us in this country anymore,” said a woman in her 60s who walked into an exchange office in Istanbul to change 50,000 lira into dollars. The woman, who owns a pharmacy, asked to have her name withheld because of fear of government reprisal.

The government imposed a new rule this week requiring customers to present identification cards any time they exchange more than $100 worth of currency.

Mr. Erdogan doesn’t appear likely to change course, despite the political risks of soaring inflation. He has intensified his calls for low interest rates and the central bank this week used language that suggested it would cut rates again in December.

He favors low interest rates as part of a strategy intended to create economic growth. Mr. Erdogan has ruled Turkey for nearly two decades as both prime minister and president, winning elections in part by vastly expanding the country’s economy.

Now Mr. Erdogan’s time in power is at risk of coming to an end as the plummeting lira erodes the standard of living for millions of Turks, driving away potential voters.

“Erdogan runs everything. He doesn’t allow either the finance minister, or the central bank governor, or anyone else to do their jobs,” said the owner of an exchange office in Istanbul.

Updated: 11-23-2021

Turkish Lira Tumbles After Erdogan Defends Rate Cuts

Currency falls as much as 18% after president reiterates view that higher interest rates don’t rein in inflation.

Turkey’s economic crisis entered a tumultuous new phase, with its currency plunging to a fresh record low and President Recep Tayyip Erdogan preparing to meet the leader of a regional rival in search of foreign investment.

The lira slid as much as 18% Tuesday, before easing slightly, threatening to further shake the economy by undermining confidence, making it harder for businesses to pay off foreign-currency debt and increasing the cost of imported goods, especially oil.

That would push the inflation rate, currently at around 20%, even higher, further hurting households, analysts say.

Mr. Erdogan sent the currency spiraling further downward when he stood by his view Monday that higher interest rates don’t rein in inflation and only damp economic growth.

He said in a press conference that Turkey would reject orthodox monetary policy by fighting an “economic war of independence.”

But in a sign of the growing pressure on Mr. Erdogan, whose popularity is faltering in political polls, he is also seeking aid in unlikely places.

The United Arab Emirates’ de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed al Nahyan, is expected to visit Mr. Erdogan on Wednesday as Ankara seeks much-needed foreign investment.

The visit will be a milestone in relations between two major Middle Eastern rivals, with Ankara offering the U.A.E. potential support in a broader struggle against Iran, Abu Dhabi’s other chief adversary.

While expectations were low for a general rapprochement, said an Emirati official, investment talks were on the table. Turkish officials said that investment is on the agenda for the crown prince’s visit.

Turkey and the U.A.E. have been on opposite sides of a broader struggle for power in conflicts that emerged in the Middle East following the 2011 Arab Spring revolutions, backing opposing sides in the civil war in Libya.

The Emirates also supported a military coup in Egypt in 2013 that removed an elected, Turkish-allied Islamist government in the country.

Turkey has sought to resolve conflicts with rivals including the U.A.E., Saudi Arabia, and Egypt this year as Mr. Erdogan attempts to ease his own international isolation. Turkish officials also say the rapprochement with Abu Dhabi is spurred by the Biden administration’s push to pivot away from conflicts in the Middle East.

“Now there is this sense of isolation in Turkey, and the Turkish side realized it’s not sustainable,” said Mithat Rende, a former Turkish ambassador to Qatar, referring to the efforts at rapprochement with Arab states.

Turkey, in turn, might be able to help Abu Dhabi in a broader struggle against Iran, the Emiratis’ other chief adversary, analysts say.

Mr. Erdogan has long railed against what he calls lobbyists pushing high interest rates and suggested that the lingering economic crisis Turkey has faced on and off since 2018 is of foreign design. His nationalist rhetoric has extended to geopolitics, as well, to garner support at home.

Earlier this year, he threatened to expel the U.S. ambassador and several European Union envoys over their criticism of Turkey’s judicial system. He ultimately stepped back from that threat.

Signaling the likelihood of more economic pain to come, Ugur Aydemir, a parliamentarian from the ruling Justice and Development Party, or AKP, said that Turks should rein in their spending to get through a potential crisis.

“Maybe we will have to eat bread and onions for days, for weeks, but we will make no concessions on our security,” he told fellow parliamentarians.

The Turkish central bank cut its key policy rate last week despite official measures of annual inflation reaching nearly 20% in October. This move goes against conventional economic theory, which contends that looser monetary policy boosts consumer prices.

In Turkey’s case, growth and investment may also suffer as foreign investors take their cash elsewhere.

In Istanbul’s covered bazaar, a centuries-old hub for trading currencies and gold, one trader said the conversion rates on an electronic board couldn’t keep up with the lira’s fall, causing confusion between buyers and sellers.

“It was a very stressful day,” said trader Ozgur Anik. “More people came along to sell dollars later in the day to take a profit on the high prices.”

The Turkish central bank Tuesday warned Turks against selling currency at current levels, which they said were unjustified and “completely detached from economic fundamentals.”

With import prices set to rise, and a possible minimum wage hike in the near future, inflation is likely set to rise even more, analysts said. The government however has been pressuring retailers to keep prices steady to limit political blowback.

Markets saw Mr. Erdogan’s Monday speech as pressuring the Turkish central bank to cut rates further, according to analysts at UniCredit. Investors were already expecting another cut at the next meeting in December, and some see the easing cycle continuing into next year.

“We must abandon this irrational experiment that has no chance to succeed as soon as possible and go back to qualified policies that will pursue Turkish people’s welfare,” said former central bank deputy governor Semih Tümen, who was removed from his position last month by Mr. Erdogan.

For now, Turkey’s banking sector looks stronger than it was in 2018 when a similar currency crisis put the sector under tremendous strain, boosting banks’ bond yields. Analysts say lenders will be able to deal with current levels of lira weakness, though a sustained fall could cause a greater run on foreign savings.

“Any signs of a flood of withdrawal requests would probably prompt a lurch towards more aggressive forms of capital controls,” noted Jason Tuvey, a senior emerging markets economist at Capital Economics, a London-based economic research consulting firm.

Tuesday’s drop in the lira, if sustained, would be its biggest since March when Mr. Erdogan fired the previous head of the central bank, who was in favor of higher rates. The size of the move is remarkable in the context of currency markets.

Even the most volatile emerging-market currencies tend to move less than 1 percentage point a day against the dollar on most days—a move of 2 or 3 percentage points is considered significant.

“It’s a dangerous game the Turks are playing,” said Uday Patnaik, head of emerging-market debt at Legal & General Investment Management. “As people lose faith in the value of the currency, you could see a potential run on the banks. This would be hugely problematic, we haven’t seen that yet as far as I know.”

Both local-currency and dollar-denominated Turkish government bonds sold off Tuesday. The yield on a dollar-denominated 10-year note climbed to 7.2%, rising for a fifth straight day.

The spread on a benchmark five-year credit default swap widened to just under 5 percentage points, close to the level at the height of the pandemic-induced stress in March 2020.

Turkish stocks rose. The benchmark Borsa Istanbul 100 Index advanced 1.7%.

The stock-market rise suggests that Turks are putting their money into equities as an inflation hedge rather than holding cash, said Edward Glossop, an emerging-markets economist at Aberdeen Standard Investments. This phenomenon was also seen in Argentina during a recent period of hyperinflation, he said.

Bitcoin Hits New All-Time High In Turkey As Fiat Currency Lira Goes Into Freefall

Turkish Bitcoin holders avoid an accelerating currency collapse as the lira loses 15% against the U.S. dollar in a single day.

Bitcoin (BTC) has frustrated investors with its recent price correction, but in one country, BTC hodlers have never been more relieved.

Market data from TradingView on Nov. 23 confirmed that Bitcoin has hit new all-time highs against the Turkish lira.

Bitcoin Passes 700,000 Lira

Turkey is unofficially battling a currency crisis as President Recep Tayyip Erdoğan pushes to keep interest rates low.

The result has been the de facto collapse of the lira’s exchange rate, with USD/TRY gaining 14% on Tuesday alone to pass 13 for the first time.

While Turks witness their purchasing power decline in real-time, those with a BTC allocation can arguably see the benefits of hard money more clearly than ever.

BTC/TRY reached 723,329 Turkish lira on Binance Tuesday, the latest in a series of all-time highs, which have come almost non-stop.

“The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely slow the collapse, while adoption of BTC will reverse the damage & revitalize the economy.”

“Bitcoin Marketing Departments”

According to its own data, BtcTurk, one of a small number of homegrown exchanges, handled around 1,000 BTC ($56.7 million) in volume on its BTC/TRY pair over the past 24 hours.

“Central banks are just Bitcoin marketing departments,” analyst Lex Moskovski reacted as events unfolded.

The exchange sector has faced difficult times under Erdoğan, who declared “war” against cryptocurrencies in September.

Another platform, Thodex, was at the center of a scandal earlier this year after shutting down, and its CEO, Faruk Fatih Özer, absconding with funds worth $2 billion at the time.

Despite the debacle and jailing of at least six of his associates, Özer remains at large.

Updated: 11-23-2021

Bitcoin Hits New All-Time High In Turkey As Fiat Currency Lira Goes Into Freefall

Turkish Bitcoin holders avoid an accelerating currency collapse as the lira loses 15% against the U.S. dollar in a single day.

Bitcoin (BTC) has frustrated investors with its recent price correction, but in one country, BTC hodlers have never been more relieved.

Market data from TradingView on Nov. 23 confirmed that Bitcoin has hit new all-time highs against the Turkish lira.

Bitcoin Passes 700,000 Lira

Turkey is unofficially battling a currency crisis as President Recep Tayyip Erdoğan pushes to keep interest rates low.

The result has been the de facto collapse of the lira’s exchange rate, with USD/TRY gaining 14% on Tuesday alone to pass 13 for the first time.

While Turks witness their purchasing power decline in real-time, those with a BTC allocation can arguably see the benefits of hard money more clearly than ever.

BTC/TRY reached 723,329 Turkish lira on Binance Tuesday, the latest in a series of all-time highs, which have come almost non-stop.

“Bitcoin is hope for Turkey,” Michael Saylor, CEO of MicroStrategy, said last week.

“The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely slow the collapse, while adoption of BTC will reverse the damage & revitalize the economy.”

“Bitcoin Marketing Departments”

According to its own data, BtcTurk, one of a small number of homegrown exchanges, handled around 1,000 BTC ($56.7 million) in volume on its BTC/TRY pair over the past 24 hours.

“Central banks are just Bitcoin marketing departments,” analyst Lex Moskovski reacted as events unfolded.

The exchange sector has faced difficult times under Erdoğan, who declared “war” against cryptocurrencies in September.

Another platform, Thodex, was at the center of a scandal earlier this year after shutting down, and its CEO, Faruk Fatih Özer, absconding with funds worth $2 billion at the time.

Despite the debacle and jailing of at least six of his associates, Özer remains at large.

Updated: 11-26-2021

Turkey’s Erdogan Blames Lira Slump On Attacks By ‘Money Barons’

President Recep Tayyip Erdogan blamed a sharp slump in the lira on “money barons” attacking Turkey’s economy, vowing to pursue lower borrowing costs to turbo-boost growth and revive his flagging popularity ahead of elections in 2023.

The currency dropped as much as 4.5% following his remarks and traded 4% lower at 12.4766 per dollar at 5:51 p.m. in Istanbul. It has lost a fifth of its value in the last two weeks alone.

Speaking to supporters in the western province of Izmir on Friday, Erdogan doubled down on a newly unveiled policy that prioritizes lower interest rates to charge up growth and job creation.

This week’s plummet in the lira has no economic basis and is the result of a financial sabotage, the Turkish leader said in televised comments. The attacks are being staged by “global barons of politics and money” and their domestic supporters who want Turkey to keep interest rates high, he said.

“We’ll not give up our new economic program no matter what they do,” Erdogan said. “They are trying to create a dark scenario using foreign-exchange levels.”

A day earlier, the national security council, chaired by the president, said challenges to the policy shift were one of the threats facing the country, along with terrorist activities.

Old Tactics

Erdogan espouses the unorthodox mantra that high interest rates fuel inflation rather than curbing it. His determination to drive down borrowing costs with inflation at 20% has pushed Turkey into new territory, with many analysts questioning whether the fallout will affect his grip on power.

The currency’s rapid depreciation drives up the cost of goods for citizens, with his own working class base clobbered the hardest, and poses risks to the banking sector.

But Erdogan is maintaining a passionate defense of his recent pivot despite the immediate financial turmoil it unleashed. It’s reminiscent of the public narrative his former finance minister — and son-in-law– Berat Albayrak maintained in the wake of a currency crisis in 2018.

Back then, Erdogan and Albayrak blamed foreign powers for trying to undermine Turkey’s economy by engineering a run on the lira, and restricted banks’ foreign currency swaps with their overseas counterparts to bolster the currency.

During the next two years, policy makers presided over an foreign-exchange intervention policy that — in Erdogan’s own words — ended up burning through $165 billion to support the lira.

Facing dismal opinion polls, Erdogan has embarked on a renewed push to create employment by forcing the central bank to lower interest rates. The regulator has cut the benchmark by a total of 4 percentage points since September.

The 2023 election will be the first since Erdogan’s ruling party suffered shock defeats in municipal votes two years ago, when key battlegrounds including Istanbul and the capital Ankara were lost to the opposition for the first time in a quarter century.

Recent opinion surveys show his support is even lower now, with around two-thirds of the population seeing no hope for economic improvement over the next year.

“We didn’t think of this new economic policy in the morning and decide to put it into action in the evening,” Erdogan said. “We’ve been preparing for it for the past 19 years,” promising companies and workers they’d be better off.

Updated: 12-1-2021

Turkish Central Bank Props Up Collapsing Lira

Sale of foreign reserves shows that Turkish officials see the free-falling lira as a potential source of broader economic and political problems.

Turkey’s central bank moved Wednesday to prop up the country’s collapsing currency, selling foreign reserves after the lira reached new lows following comments by President Recep Tayyip Erdogan in defense of his unorthodox economic policies.

The lira rebounded after the bank said it was taking action to address “unhealthy price formations in exchange rates.” The free-falling lira has heaped economic pressure on ordinary Turkish people, who are struggling with rising prices of food, fuel, medicine and other essential goods.

The intervention demonstrates that Turkish officials view the collapsing lira as a potential source of broader economic and political problems. Protests have erupted in Turkish cities in recent days, with demonstrators calling on Mr. Erdogan to resign.

But the bank has limited ammunition to engineer a full-scale recovery in the lira without a change in policy from Mr. Erdogan, who has tried to fight soaring inflation with cuts in interest rates—a course most economists say will make the problem worse.

“We’ve reached a point that they recognize we’re on the brink of a systemic problem and if they can’t raise rates, they use foreign currency intervention,” said Timothy Ash, an emerging-markets strategist at BlueBay Asset Management.

The Turkish lira gained 3.3% to 13 to the dollar after the intervention announcement, bouncing back from an all-time low of 13.91. Mr. Erdogan told state television that he wouldn’t back down from his economic policies. Overall, the lira’s value has dropped 40% this year.

A small amount of money could likely prop up the currency, investors say, as many foreign money managers have broadly exited the market this year. International investors have largely avoided buying local currency bonds and stocks.

Shorting the lira, in which investors bet on its fall, is also expensive because the cost to borrow the currency is relatively high.

It isn’t the first time Turkey’s central bank has dipped into its reserves to steady the lira, having done so last year.

Turkey has limited reserves to defend its currency, having struggled to draw in foreign investors following the removal of a central bank chief earlier this year and recent rate cuts. While defending the lira may help slow its fall, investors expect the strategy won’t restore confidence in Turkey’s currency.

“Given that the root cause of the depreciation in the currency is the decline in demand for lira due to the central bank’s easing cycle and the signal that it will continue, I am not sure how effective foreign exchange interventions could be,” said Selva Demiralp a professor of economics at Koc University in Istanbul and a former economist at the Federal Reserve Board.

In a June report, the International Monetary Fund said Turkey’s gross reserves fell by more than $12 billion in 2020 and that some of the most-traded currencies—the U.S. dollar, euro, Chinese yuan, Japanese yen and British pound—accounted for less than half of the central bank’s reserve assets.

Turkey had an estimated $76 billion in gross reserves as of October, according to Turkey’s central bank.

One swaps and forward contracts are factored in, Turkey’s true foreign reserves could be as low as negative $50 billion, according to some financial analysts.

“We’ve been through this and neither in developed markets nor emerging markets does intervention on its own ever work,” said Paul McNamara, an emerging-market fund manager at GAM.

“You need some feeling that the situation is sustainable to draw dollars into the market and without that changing, they’re just burning reserves.”

Turkey’s economy expanded at a rate of 7.4% in the third quarter, according to the government. The return of tourists this year and an improving export sector have provided support to the economy.

But economists fear that Turkey’s rampant inflation could eventually overwhelm the rest of the economy if Turks make a run on banks.

Central banks usually raise rates to contain inflation. Under pressure from Mr. Erdogan, Turkey’s central bank has cut rates twice despite inflation rising to nearly 20% in October.

Some Turkish exporters also say that the government’s policies, though intended to help them, are actually hurting. Exporters are paying higher prices for energy and raw materials, and struggling to set prices amid wild fluctuations in the lira.

“The high volatility of currency rates is not good for exporters. Volatility brings with it a pressure on prices,” said Seref Fayat, the president of Turkey’s Readymade Clothing Industrial Assembly.

The declining lira is eating into ordinary Turks’ savings and eroding support for Mr. Erdogan and his party. The government is considering raising the minimum wage to cushion Turks from the effects of the devaluation, a step that could add to inflationary pressures.

Mr. Erdogan’s speeches and interviews have become a feature of Turkey’s economic turbulence as investors react to each new statement in which he defends his economic policies.

The Turkish president spoke again on Wednesday, once again defending his calls for lower interest rates.

“As we struggled in the past against tutelage, coup plotters, terrorist organizations and money barons, today we struggle in the same manner against the interest rate lobby and the enemies of production and employment,” he told lawmakers from his party.

Updated: 12-23-2021

Turkey’s Missing Billions Signal Unannounced Lira Intervention

Turkish net foreign assets fell by nearly $6 billion early this week as President Recep Tayyip Erdogan unveiled plans to bolster the lira, suggesting Turkey made unannounced interventions in foreign-exchange markets.

While the government has said it didn’t intervene, the fall of $5.9 billion probably signals a backdoor intervention similar to operations carried out over two years from October 2018, when state lenders sold dollars to support the local currency.

Net foreign assets dropped to minus $5.1 billion on Tuesday compared with $817 million on Friday, according to calculations by Bloomberg using the monetary authority’s daily analytical balance sheet.

The U.K.’s Financial Times reported earlier on the change in Turkey’s net foreign assets.

Erdogan on Monday rolled out a series of extraordinary measures to support the plunging lira, which at that point had shed more than 50% of its value against the dollar this year.

The currency slump was fueled by central bank rates cuts demanded by the president, but authorities acted as the lira’s losses threatened to accelerate inflation that’s already over 20% and eroding support for the ruling party.

The lira appreciated as much as 25% on Monday after Erdogan spoke, its biggest daily jump since 1983, and has now gained more than 40% against the dollar this week.

The lira’s move on Monday was supported by state banks, according to four people who asked not to be identified by name. At least one private lender was also involved, said one person familiar with the transactions. The sales continued Tuesday, said the people.

At the center of Erdogan’s plan is a new instrument intended to suppress retail investor demand for dollars. If the lira’s decline against hard currencies exceed banks’ interest rates, the government will pay holders of lira deposits the differential.

Net reserves dropped to $12.2 billion as of Friday, showing the impact of last week’s direct sales, which were announced by the central bank. The dip of about $9 billion was the biggest weekly drop in data that goes back at least 2002.

Global banks including Goldman Sachs predict more than $100 billion of central bank reserves were spent to prevent a disorderly depreciation in the lira last year alone, when the currency came under pressure after a series of large rate cuts to support the pandemic-hit economy.

Earlier this year, Erdogan said authorities used $165 billion of central bank foreign-currency reserves to weather developments in 2019 and 2020, and may use them “again when needed.”

Updated: 12-24-2021

Erdogan Says Turkey Won’t Again Tame Inflation With Rate Hikes

Turkey has abandoned interest-rate hikes as a tool to control inflation, President Recep Tayyip Erdogan said Friday, arguing measures he introduced this week had taken just a day to stabilize the lira.

Erdogan made his televised remarks before joining a closed-door meeting in Istanbul with economists and academics to listen to their proposals on the economy. Treasury and Finance Minister Nureddin Nebati, Central Bank Governor Sahap Kavcioglu and the head of the country’s banking regulator also attended.

“We’ve put aside the classical understanding of economics that keeps inflation under control with high interest rates,” Erdogan said.

The government is now focusing on expanding the economy through investment, employment, production, exports and a current-account surplus, he said.

The central bank has slashed its benchmark interest rate since September in a series of cuts encouraged by Erdogan. The moves sent the lira into a tailspin, but the president has stuck to his ground, vowing to turn Turkey into a high-investment economy through cheaper borrowing.

On Monday, officials rolled out a series of extraordinary measures to support the plunging currency, which at that point had shed more than 50% of its value against the dollar this year.

The lira regained some of its heavy losses as details emerged of a new deposit tool that protects savers against currency depreciation.

“We’ve seen that the currency bubble disappeared in one day with the package of measures,” Erdogan said Friday. “We will witness a different economic climate through summer once the financial stability is ensured.”

The president has long held the unorthodox view that higher borrowing costs fuel inflation by forcing producers to pass on costs to consumers.

He’s doubled down on the theory, and taken steps to boost growth, as an economic slowdown during the pandemic began to strip away support for his ruling party ahead of 2023 elections.

Despite this week’s gains the lira is still about 26% weaker from Sept. 23, when the central bank started cutting interest rates. It remains the worst performer among emerging market currencies against the dollar this year, with a slump of around 36%.

Inflation accelerated to more than 21% in November, with many of the poorer Turks who form Erdogan’s support base reeling under fast-rising prices.

Updated: 12-24-2021

Turkey’s Crypto Law Is Ready For Parliament, President Erdoğan Confirms

Turkey To Ban Cryptocurrency Payments

Once implemented, the crypto law will implement a new economic model that can potentially help recover the lira’s falling value.

Turkey’s President Recep Tayyip Erdoğan has reportedly confirmed the completion of a crypto law draft that will soon be shared with the Parliament for mainstream implementation in the country.

In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. As reported by local media NTV, Erdoğan said that the cryptocurrency bill is ready, adding:

“We will take steps on this issue by sending it to Parliament without delay.”

Acknowledging the country’s recent inflationary episode, Erdoğan said that the currency event is not related to mathematics but a matter of process — implying a possibility and potential of lira’s value growth:

“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”

With the introduction of the new crypto law, the president envisions Turkey to become one of the 10 largest economies in the world.

Speaking about the rising prices in the region, he shared plans to follow the people who change the labels of the price list organizers several times a day. “We want them to lower the dollar’s increases now,” he concluded.

On Nov. 23, Bitcoin holders in Turkey avoided an accelerating currency collapse as the lira lost 15% against the U.S. dollar in a single day.

As Cointelegraph reported, the fiat currency’s fall resulted in Bitcoin (BTC) reaching a new all-time high against the Turkish lira. The BTC/TRY trading pair reached 723,329 Turkish lira on Binance.

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Gifting Crypto To Loved Ones This Holiday? Educate Them First

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Samsung Integrates Bitcoin Wallets And Exchange Into Galaxy Phones

HTC Smartphone Will Run A Full Bitcoin Node (#GotBitcoin?)

HTC’s New 5G Router Can Host A Full Bitcoin Node

Bitcoin Miners Are Heating Homes Free of Charge

Bitcoin Miners Will Someday Be Incorporated Into Household Appliances

Musk Inquires About Moving ‘Large Transactions’ To Bitcoin

How To Invest In Bitcoin: It Can Be Easy, But Watch Out For Fees

Megan Thee Stallion Gives Away $1 Million In Bitcoin

CoinFLEX Sets Up Short-Term Lending Facility For Crypto Traders

Wall Street Quants Pounce On Crytpo Industry And Some Are Not Sure What To Make Of It

Bitcoin Shortage As Wall Street FOMO Turns BTC Whales Into ‘Plankton’

Bitcoin Tops $22,000 And Strategists Say Rally Has Further To Go

Why Bitcoin Is Overpriced by More Than 50%

Kraken Exchange Will Integrate Bitcoin’s Lightning Network In 2021

New To Bitcoin? Stay Safe And Avoid These Common Scams

Andreas M. Antonopoulos And Simon Dixon Say Don’t Buy Bitcoin!

Famous Former Bitcoin Critics Who Conceded In 2020

Jim Cramer Bought Bitcoin While ‘Off Nicely From The Top’ In $17,000S

The Wealthy Are Jumping Into Bitcoin As Stigma Around Crypto Fades

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France Moves To Ban Anonymous Crypto Accounts To Prevent Money Laundering

10 Predictions For 2021: China, Bitcoin, Taxes, Stablecoins And More

Movie Based On Darknet Market Silk Road Premiering In February

Crypto Funds Have Seen Record Investment Inflow In Recent Weeks

US Gov Is Bitcoin’s Last Remaining Adversary, Says Messari Founder

$1,200 US Stimulus Check Is Now Worth Almost $4,000 If Invested In Bitcoin

German Bank Launches Crypto Fund Covering Portfolio Of Digital Assets

World Governments Agree On Importance Of Crypto Regulation At G-7 Meeting

Why Some Investors Get Bitcoin So Wrong, And What That Says About Its Strengths

It’s Not About Data Ownership, It’s About Data Control, EFF Director Says

‘It Will Send BTC’ — On-Chain Analyst Says Bitcoin Hodlers Are Only Getting Stronger

Bitcoin Arrives On Wall Street: S&P Dow Jones Launching Crypto Indexes In 2021

Audio Streaming Giant Spotify Is Looking Into Crypto Payments

BlackRock (Assets Under Management $7.4 Trillion) CEO: Bitcoin Has Caught Our Attention

Bitcoin Moves $500K Around The Globe Every Second, Says Samson Mow

Pomp Talks Shark Tank’s Kevin O’leary Into Buying ‘A Little More’ Bitcoin

Bitcoin Is The Tulipmania That Refuses To Die

Ultimate Resource On Ethereum 2.0

Biden Should Integrate Bitcoin Into Us Financial System, Says Niall Ferguson

Bitcoin Is Winning The Monetary Revolution

Cash Is Trash, Dump Gold, Buy Bitcoin!

Bitcoin Price Sets New Record High Above $19,783

You Call That A Record? Bitcoin’s November Gains Are 3x Stock Market’s

Bitcoin Fights Back With Power, Speed and Millions of Users

Guggenheim Fund ($295 Billion Assets Under Management) Reserves Right To Put Up To 10% In Bitcoin Trust!

Exchanges Outdo Auctions For Governments Cashing In Criminal Crypto, Says Exec

Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules

Bitcoin Plunges Along With Other Coins Providing For A Major Black Friday Sale Opportunity

The Most Bullish Bitcoin Arguments For Your Thanksgiving Table

‘Bitcoin Tuesday’ To Become One Of The Largest-Ever Crypto Donation Events

World’s First 24/7 Crypto Call-In Station!!!

Bitcoin Trades Again Near Record, Driven By New Group Of Buyers

Friendliest Of Them All? These Could Be The Best Countries For Crypto

Bitcoin Price Doubles Since The Halving, With Just 3.4M Bitcoin Left For Buyers

First Company-Sponsored Bitcoin Retirement Plans Launched In US

Poker Players Are Enhancing Winnings By Cashing Out In Bitcoin

Crypto-Friendly Brooks Gets Nod To Serve 5-Year Term Leading Bank Regulator

The Bitcoin Comeback: Is Crypto Finally Going Mainstream?

The Dark Future Where Payments Are Politicized And Bitcoin Wins

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Ultimate Resource On Mike Novogratz And Galaxy Digital’s Bitcoin News

Bitcoin’s Gunning For A Record And No One’s Talking About It

Simple Steps To Keep Your Crypto Safe

US Company Now Lets Travelers Pay For Passports With Bitcoin

Billionaire Hedge Fund Investor Stanley Druckenmiller Says He Owns Bitcoin In CNBC Interview

China’s UnionPay And Korea’s Danal To Launch Crypto-Supporting Digital Card #GotBitcoin

Bitcoin Is Back Trading Near Three-Year Highs

Bitcoin Transaction Fees Rise To 28-Month High As Hashrate Drops Amid Price Rally

Market Is Proving Bitcoin Is ‘Ultimate Safe Haven’ — Anthony Pompliano

3 Reasons Why Bitcoin Price Suddenly Dropping Below $13,000 Isn’t Bearish

Bitcoin Resurgence Leaves Institutional Acceptance Unanswered

Bitcoin’s Rivalry With Gold Plus Millennial Interest Gives It ‘Considerable’ Upside Potential: JPMorgan

WordPress Content Can Now Be Timestamped On Ethereum

PayPal To Offer Crypto Payments Starting In 2021 (A-Z) (#GotBitcoin?)

As Bitcoin Approaches $13,000 It Breaks Correlation With Equities

Crypto M&A Surges Past 2019 Total As Rest of World Eclipses U.S. (#GotBitcoin?)

How HBCUs Are Prepping Black Students For Blockchain Careers

Why Every US Congressman Just Got Sent Some ‘American’ Bitcoin

CME Sounding Out Crypto Traders To Gauge Market Demand For Ether Futures, Options

Caitlin Long On Bitcoin, Blockchain And Rehypothecation (#GotBitcoin?)

Bitcoin Drops To $10,446.83 As CFTC Charges BitMex With Illegally Operating Derivatives Exchange

BitcoinACKs Lets You Track Bitcoin Development And Pay Coders For Their Work

One Of Hal Finney’s Lost Contributions To Bitcoin Core To Be ‘Resurrected’ (#GotBitcoin?)

Cross-chain Money Markets, Latest Attempt To Bring Liquidity To DeFi

Memes Mean Mad Money. Those Silly Defi Memes, They’re Really Important (#GotBitcoin?)

Bennie Overton’s Story About Our Corrupt U.S. Judicial, Global Financial Monetary System And Bitcoin

Stop Fucking Around With Public Token Airdrops In The United States (#GotBitcoin?)

Mad Money’s Jim Cramer Will Invest 1% Of Net Worth In Bitcoin Says, “Gold Is Dangerous”

State-by-state Licensing For Crypto And Payments Firms In The Us Just Got Much Easier (#GotBitcoin?)

Bitcoin (BTC) Ranks As World 6Th Largest Currency

Pomp Claims He Convinced Jim Cramer To Buy Bitcoin

Traditional Investors View Bitcoin As If It Were A Technology Stock

Mastercard Releases Platform Enabling Central Banks To Test Digital Currencies (#GotBitcoin?)

Being Black On Wall Street. Top Black Executives Speak Out About Racism (#GotBitcoin?)

Tesla And Bitcoin Are The Most Popular Assets On TradingView (#GotBitcoin?)

From COVID Generation To Crypto Generation (#GotBitcoin?)

Right-Winger Tucker Carlson Causes Grayscale Investments To Pull Bitcoin Ads

Bitcoin Has Lost Its Way: Here’s How To Return To Crypto’s Subversive Roots

Cross Chain Is Here: NEO, ONT, Cosmos And NEAR Launch Interoperability Protocols (#GotBitcoin?)

Crypto Trading Products Enter The Mainstream With A Number Of Inherent Advantages (#GotBitcoin?)

Crypto Goes Mainstream With TV, Newspaper Ads (#GotBitcoin?)

A Guarded Generation: How Millennials View Money And Investing (#GotBitcoin?)

Blockchain-Backed Social Media Brings More Choice For Users

California Moves Forward With Digital Asset Bill (#GotBitcoin?)

Walmart Adds Crypto Cashback Through Shopping Loyalty Platform StormX (#GotBitcoin?)

Congressman Tom Emmer To Lead First-Ever Crypto Town Hall (#GotBitcoin?)

Why It’s Time To Pay Attention To Mexico’s Booming Crypto Market (#GotBitcoin?)

The Assets That Matter Most In Crypto (#GotBitcoin?)

Ultimate Resource On Non-Fungible Tokens

Bitcoin Community Highlights Double-Standard Applied Deutsche Bank Epstein Scandal

Blockchain Makes Strides In Diversity. However, Traditional Tech Industry Not-S0-Much (#GotBitcoin?)

An Israeli Blockchain Startup Claims It’s Invented An ‘Undo’ Button For BTC Transactions

After Years of Resistance, BitPay Adopts SegWit For Cheaper Bitcoin Transactions

US Appeals Court Allows Warrantless Search of Blockchain, Exchange Data

Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’

This Researcher Says Bitcoin’s Elliptic Curve Could Have A Secret Backdoor

China Discovers 4% Of Its Reserves Or 83 Tons Of It’s Gold Bars Are Fake (#GotBitcoin?)

Former Legg Mason Star Bill Miller And Bloomberg Are Optimistic About Bitcoin’s Future

Yield Chasers Are Yield Farming In Crypto-Currencies (#GotBitcoin?)

Australia Post Office Now Lets Customers Buy Bitcoin At Over 3,500 Outlets

Anomaly On Bitcoin Sidechain Results In Brief Security Lapse

SEC And DOJ Charges Lobbying Kingpin Jack Abramoff And Associate For Money Laundering

Veteran Commodities Trader Chris Hehmeyer Goes All In On Crypto (#GotBitcoin?)

Activists Document Police Misconduct Using Decentralized Protocol (#GotBitcoin?)

Supposedly, PayPal, Venmo To Roll Out Crypto Buying And Selling (#GotBitcoin?)

Industry Leaders Launch PayID, The Universal ID For Payments (#GotBitcoin?)

Crypto Quant Fund Debuts With $23M In Assets, $2.3B In Trades (#GotBitcoin?)

The Queens Politician Who Wants To Give New Yorkers Their Own Crypto

Why Does The SEC Want To Run Bitcoin And Ethereum Nodes?

Trump Orders Treasury Secretary Steve Mnuchin To Destroy Bitcoin Just Like They Destroyed The Traditional Economy

US Drug Agency Failed To Properly Supervise Agent Who Stole $700,000 In Bitcoin In 2015

Layer 2 Will Make Bitcoin As Easy To Use As The Dollar, Says Kraken CEO

Bootstrapping Mobile Mesh Networks With Bitcoin Lightning

Nevermind Coinbase — Big Brother Is Already Watching Your Coins (#GotBitcoin?)

BitPay’s Prepaid Mastercard Launches In US to Make Crypto Accessible (#GotBitcoin?)

Germany’s Deutsche Borse Exchange To List New Bitcoin Exchange-Traded Product

‘Bitcoin Billionaires’ Movie To Tell Winklevoss Bros’ Crypto Story

US Pentagon Created A War Game To Fight The Establishment With BTC (#GotBitcoin?)

JPMorgan Provides Banking Services To Crypto Exchanges Coinbase And Gemini (#GotBitcoin?)

Bitcoin Advocates Cry Foul As US Fed Buying ETFs For The First Time

Final Block Mined Before Halving Contained Reminder of BTC’s Origins (#GotBitcoin?)

Meet Brian Klein, Crypto’s Own ‘High-Stakes’ Trial Attorney (#GotBitcoin?)

3 Reasons For The Bitcoin Price ‘Halving Dump’ From $10K To $8.1K

Bitcoin Outlives And Outlasts Naysayers And First Website That Declared It Dead Back In 2010

Hedge Fund Pioneer Turns Bullish On Bitcoin Amid ‘Unprecedented’ Monetary Inflation

Antonopoulos: Chainalysis Is Helping World’s Worst Dictators & Regimes (#GotBitcoin?)

Survey Shows Many BTC Holders Use Hardware Wallet, Have Backup Keys (#GotBitcoin?)

Iran Ditches The Rial Amid Hyperinflation As Localbitcoins Seem To Trade Near $35K

Buffett ‘Killed His Reputation’ by Being Stupid About BTC, Says Max Keiser (#GotBitcoin?)

Meltem Demirors: “Bitcoin Is Not A F*Cking Systemic Hedge If You Hold Your Bitcoin At A Financial Institution”

Blockfolio Quietly Patches Years-Old Security Hole That Exposed Source Code (#GotBitcoin?)

Bitcoin Won As Store of Value In Coronavirus Crisis — Hedge Fund CEO

Decentralized VPN Gaining Steam At 100,000 Users Worldwide (#GotBitcoin?)

Crypto Exchange Offers Credit Lines so Institutions Can Trade Now, Pay Later (#GotBitcoin?)

Zoom Develops A Cryptocurrency Paywall To Reward Creators Video Conferencing Sessions (#GotBitcoin?)

Bitcoin Startup Purse.io And Major Bitcoin Cash Partner To Shut Down After 6-Year Run

Open Interest In CME Bitcoin Futures Rises 70% As Institutions Return To Market

Square’s Users Can Route Stimulus Payments To BTC-Friendly Cash App

$1.1 Billion BTC Transaction For Only $0.68 Demonstrates Bitcoin’s Advantage Over Banks

Bitcoin Could Become Like ‘Prison Cigarettes’ Amid Deepening Financial Crisis

Bitcoin Holds Value As US Debt Reaches An Unfathomable $24 Trillion

How To Get Money (Crypto-currency) To People In An Emergency, Fast

US Intelligence To Study What Would Happen If U.S. Dollar Lost Its Status As World’s Reserve Currency (#GotBitcoin?)

Bitcoin Miner Manufacturers Mark Down Prices Ahead of Halving

Privacy-Oriented Browsers Gain Traction (#GotBitcoin?)

‘Breakthrough’ As Lightning Uses Web’s Forgotten Payment Code (#GotBitcoin?)

Bitcoin Starts Quarter With Price Down Just 10% YTD vs U.S. Stock’s Worst Quarter Since 2008

Bitcoin Enthusiasts, Liberal Lawmakers Cheer A Fed-Backed Digital Dollar

Crypto-Friendly Bank Revolut Launches In The US (#GotBitcoin?)

The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like (#GotBitcoin?)

Crypto CEO Compares US Dollar To Onecoin Scam As Fed Keeps Printing (#GotBitcoin?)

Stuck In Quarantine? Become A Blockchain Expert With These Online Courses (#GotBitcoin?)

Bitcoin, Not Governments Will Save the World After Crisis, Tim Draper Says

Crypto Analyst Accused of Photoshopping Trade Screenshots (#GotBitcoin?)

QE4 Begins: Fed Cuts Rates, Buys $700B In Bonds; Bitcoin Rallies 7.7%

Mike Novogratz And Andreas Antonopoulos On The Bitcoin Crash

Amid Market Downturn, Number of People Owning 1 BTC Hits New Record (#GotBitcoin?)

Fatburger And Others Feed $30 Million Into Ethereum For New Bond Offering (#GotBitcoin?)

Pornhub Will Integrate PumaPay Recurring Subscription Crypto Payments (#GotBitcoin?)

Intel SGX Vulnerability Discovered, Cryptocurrency Keys Threatened

Bitcoin’s Plunge Due To Manipulation, Traditional Markets Falling or PlusToken Dumping?

Countries That First Outlawed Crypto But Then Embraced It (#GotBitcoin?)

Bitcoin Maintains Gains As Global Equities Slide, US Yield Hits Record Lows

HTC’s New 5G Router Can Host A Full Bitcoin Node

India Supreme Court Lifts RBI Ban On Banks Servicing Crypto Firms (#GotBitcoin?)

Analyst Claims 98% of Mining Rigs Fail to Verify Transactions (#GotBitcoin?)

Blockchain Storage Offers Security, Data Transparency And immutability. Get Over it!

Black Americans & Crypto (#GotBitcoin?)

Coinbase Wallet Now Allows To Send Crypto Through Usernames (#GotBitcoin)

New ‘Simpsons’ Episode Features Jim Parsons Giving A Crypto Explainer For The Masses (#GotBitcoin?)

Crypto-currency Founder Met With Warren Buffett For Charity Lunch (#GotBitcoin?)

Witches Love Bitcoin

Bitcoin’s Potential To Benefit The African And African-American Community

Coinbase Becomes Direct Visa Card Issuer With Principal Membership

Bitcoin Achieves Major Milestone With Half A Billion Transactions Confirmed

Jill Carlson, Meltem Demirors Back $3.3M Round For Non-Custodial Settlement Protocol Arwen

Crypto Companies Adopt Features Similar To Banks (Only Better) To Drive Growth (#GotBitcoin?)

Top Graphics Cards That Will Turn A Crypto Mining Profit (#GotBitcoin?)

Bitcoin Usage Among Merchants Is Up, According To Data From Coinbase And BitPay

Top 10 Books Recommended by Crypto (#Bitcoin) Thought Leaders

Twitter Adds Bitcoin Emoji, Jack Dorsey Suggests Unicode Does The Same

Bitcoiners Are Now Into Fasting. Read This Article To Find Out Why

You Can Now Donate Bitcoin Or Fiat To Show Your Support For All Of Our Valuable Content

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Crypto-Friendly Silvergate Bank Goes Public On New York Stock Exchange (#GotBitcoin?)

Bitcoin’s Best Q1 Since 2013 To ‘Escalate’ If $9.5K Is Broken

Billionaire Investor Tim Draper: If You’re a Millennial, Buy Bitcoin

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If You Missed Out On Investing In Amazon, Bitcoin Might Be A Second Chance For You (#GotBitcoin?)

2020 And Beyond: Bitcoin’s Potential Protocol (Privacy And Scalability) Upgrades (#GotBitcoin?)

US Deficit Will Be At Least 6 Times Bitcoin Market Cap — Every Year (#GotBitcoin?)

Central Banks Warm To Issuing Digital Currencies (#GotBitcoin?)

Meet The Crypto Angel Investor Running For Congress In Nevada (#GotBitcoin?)

Introducing BTCPay Vault – Use Any Hardware Wallet With BTCPay And Its Full Node (#GotBitcoin?)

How Not To Lose Your Coins In 2020: Alternative Recovery Methods (#GotBitcoin?)

H.R.5635 – Virtual Currency Tax Fairness Act of 2020 ($200.00 Limit) 116th Congress (2019-2020)

Adam Back On Satoshi Emails, Privacy Concerns And Bitcoin’s Early Days

The Prospect of Using Bitcoin To Build A New International Monetary System Is Getting Real

How To Raise Funds For Australia Wildfire Relief Efforts (Using Bitcoin And/Or Fiat )

Former Regulator Known As ‘Crypto Dad’ To Launch Digital-Dollar Think Tank (#GotBitcoin?)

Currency ‘Cold War’ Takes Center Stage At Pre-Davos Crypto Confab (#GotBitcoin?)

A Blockchain-Secured Home Security Camera Won Innovation Awards At CES 2020 Las Vegas

Bitcoin’s Had A Sensational 11 Years (#GotBitcoin?)

Sergey Nazarov And The Creation Of A Decentralized Network Of Oracles

Google Suspends MetaMask From Its Play App Store, Citing “Deceptive Services”

Christmas Shopping: Where To Buy With Crypto This Festive Season

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Coinbase CEO Armstrong Wins Patent For Tech Allowing Users To Email Bitcoin

Bitcoin Has Got Society To Think About The Nature Of Money

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Dissidents And Activists Have A Lot To Gain From Bitcoin, If Only They Knew It (#GotBitcoin?)

At A Refugee Camp In Iraq, A 16-Year-Old Syrian Is Teaching Crypto Basics

Bitclub Scheme Busted In The US, Promising High Returns From Mining

Bitcoin Advertised On French National TV

Germany: New Proposed Law Would Legalize Banks Holding Bitcoin

How To Earn And Spend Bitcoin On Black Friday 2019

The Ultimate List of Bitcoin Developments And Accomplishments

Charities Put A Bitcoin Twist On Giving Tuesday

Family Offices Finally Accept The Benefits of Investing In Bitcoin

An Army Of Bitcoin Devs Is Battle-Testing Upgrades To Privacy And Scaling

Bitcoin ‘Carry Trade’ Can Net Annual Gains With Little Risk, Says PlanB

Max Keiser: Bitcoin’s ‘Self-Settlement’ Is A Revolution Against Dollar

Blockchain Can And Will Replace The IRS

China Seizes The Blockchain Opportunity. How Should The US Respond? (#GotBitcoin?)

Jack Dorsey: You Can Buy A Fraction Of Berkshire Stock Or ‘Stack Sats’

Bitcoin Price Skyrockets $500 In Minutes As Bakkt BTC Contracts Hit Highs

Bitcoin’s Irreversibility Challenges International Private Law: Legal Scholar

Bitcoin Has Already Reached 40% Of Average Fiat Currency Lifespan

Yes, Even Bitcoin HODLers Can Lose Money In The Long-Term: Here’s How (#GotBitcoin?)

Unicef To Accept Donations In Bitcoin (#GotBitcoin?)

Former Prosecutor Asked To “Shut Down Bitcoin” And Is Now Face Of Crypto VC Investing (#GotBitcoin?)

Switzerland’s ‘Crypto Valley’ Is Bringing Blockchain To Zurich

Next Bitcoin Halving May Not Lead To Bull Market, Says Bitmain CEO

Tim Draper Bets On Unstoppable Domain’s .Crypto Domain Registry To Replace Wallet Addresses (#GotBitcoin?)

Bitcoin Developer Amir Taaki, “We Can Crash National Economies” (#GotBitcoin?)

Veteran Crypto And Stocks Trader Shares 6 Ways To Invest And Get Rich

Have I Missed The Boat? – Best Ways To Purchase Cryptocurrency

Is Chainlink Blazing A Trail Independent Of Bitcoin?

Nearly $10 Billion In BTC Is Held In Wallets Of 8 Crypto Exchanges (#GotBitcoin?)

SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum (#GotBitcoin?)

Blockstream’s Samson Mow: Bitcoin’s Block Size Already ‘Too Big’

Attorneys Seek Bank Of Ireland Execs’ Testimony Against OneCoin Scammer (#GotBitcoin?)

OpenLibra Plans To Launch Permissionless Fork Of Facebook’s Stablecoin (#GotBitcoin?)

Tiny $217 Options Trade On Bitcoin Blockchain Could Be Wall Street’s Death Knell (#GotBitcoin?)

Class Action Accuses Tether And Bitfinex Of Market Manipulation (#GotBitcoin?)

Sharia Goldbugs: How ISIS Created A Currency For World Domination (#GotBitcoin?)

Bitcoin Eyes Demand As Hong Kong Protestors Announce Bank Run (#GotBitcoin?)

How To Securely Transfer Crypto To Your Heirs

‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)

Crypto News From The Spanish-Speaking World (#GotBitcoin?)

Financial Services Giant Morningstar To Offer Ratings For Crypto Assets (#GotBitcoin?)

‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)

The Original Sins Of Cryptocurrencies (#GotBitcoin?)

Bitcoin Is The Fraud? JPMorgan Metals Desk Fixed Gold Prices For Years (#GotBitcoin?)

Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)

[PSA] Non-genuine Trezor One Devices Spotted (#GotBitcoin?)

Bitcoin Stronger Than Ever But No One Seems To Care: Google Trends (#GotBitcoin?)

First-Ever SEC-Qualified Token Offering In US Raises $23 Million (#GotBitcoin?)

You Can Now Prove A Whole Blockchain With One Math Problem – Really

Crypto Mining Supply Fails To Meet Market Demand In Q2: TokenInsight

$2 Billion Lost In Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims (#GotBitcoin?)

Fed Chair Says Agency Monitoring Crypto But Not Developing Its Own (#GotBitcoin?)

Wesley Snipes Is Launching A Tokenized $25 Million Movie Fund (#GotBitcoin?)

Mystery 94K BTC Transaction Becomes Richest Non-Exchange Address (#GotBitcoin?)

A Crypto Fix For A Broken International Monetary System (#GotBitcoin?)

Four Out Of Five Top Bitcoin QR Code Generators Are Scams: Report (#GotBitcoin?)

Waves Platform And The Abyss To Jointly Launch Blockchain-Based Games Marketplace (#GotBitcoin?)

Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)

Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)

Miss Finland: Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency (#GotBitcoin?)

Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)

Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)

Co-Founder Of LinkedIn Presents Crypto Rap Video: Hamilton Vs. Satoshi (#GotBitcoin?)

Crypto Insurance Market To Grow, Lloyd’s Of London And Aon To Lead (#GotBitcoin?)

No ‘AltSeason’ Until Bitcoin Breaks $20K, Says Hedge Fund Manager (#GotBitcoin?)

NSA Working To Develop Quantum-Resistant Cryptocurrency: Report (#GotBitcoin?)

Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)

Vaneck, SolidX To Offer Limited Bitcoin ETF For Institutions Via Exemption (#GotBitcoin?)

Russell Okung: From NFL Superstar To Bitcoin Educator In 2 Years (#GotBitcoin?)

Bitcoin Miners Made $14 Billion To Date Securing The Network (#GotBitcoin?)

Why Does Amazon Want To Hire Blockchain Experts For Its Ads Division?

Argentina’s Economy Is In A Technical Default (#GotBitcoin?)

Blockchain-Based Fractional Ownership Used To Sell High-End Art (#GotBitcoin?)

Portugal Tax Authority: Bitcoin Trading And Payments Are Tax-Free (#GotBitcoin?)

Bitcoin ‘Failed Safe Haven Test’ After 7% Drop, Peter Schiff Gloats (#GotBitcoin?)

Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)

Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)

Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)

Stablecoins Begin To Look Beyond The Dollar (#GotBitcoin?)

Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)

Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)

The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)

CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)

SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)

SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)

You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)

Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)

Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)

Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)

Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)

What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)

IRS To Cryptocurrency Owners: Come Clean, Or Else!

Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)

Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)

Bakkt Announces September 23 Launch Of Futures And Custody

Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)

Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)

Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)

A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)

SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)

15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)

US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)

Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)

Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)

Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)

Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)

Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)

Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)

Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)

Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)

Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)

Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)

Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)

Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?

1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)

Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)

Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)

Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)

Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)

Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)

TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)

Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)

Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)

China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)

More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)

Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)

Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)

Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)

“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)

Cryptocurrency Startups Get Partial Green Light From Washington

Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)

Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)

The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)

Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)

US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)

EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)

The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)

Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)

Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)

Blockchain And AI Bond, Explained (#GotBitcoin?)

Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)

XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)

Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)

As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)

Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)

‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)

Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)

Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)

Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)

Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)

Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)

Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)

Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)

World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)

Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)

Another Crypto Exchange Receives License For Crypto Futures

From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)

These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)

Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)

Quantum Computing Vs. Blockchain: Impact On Cryptography

This Fund Is Riding Bitcoin To Top (#GotBitcoin?)

Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)

Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)

Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)

You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)

Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)

Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)

Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)

Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)

Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)

Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)

JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)

Is There A Big Short In Bitcoin? (#GotBitcoin?)

Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes

Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)

There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)

You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)

North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)

Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)

Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)

Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)

Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)

E-Trade To Offer Crypto Trading (#GotBitcoin)

US Rapper Lil Pump Starts Accepting Bitcoin Via Lightning Network On Merchandise Store (#GotBitcoin?)

Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)

21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)

You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)

Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)

Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)

Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)

Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)

Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)

Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)

Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)

Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)

Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)

Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)

How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)

Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)

Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)

Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)

The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)

Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)

Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)

How Will Bitcoin Behave During A Recession? (#GotBitcoin?)

Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)

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