Murat Cetinkaya, president of the Central Bank of the Republic of Turkey, has announced that the CBRT is closely researching cryptocurrencies and that coins like Bitcoin could offer “financial stability” in a new way for Turkish citizens.
These comments come as a reversal from Turkish regulators’ comments in recent years, as officials there have previously stated that the Bitcoin community is like “Tulip mania in Holland, the Mississippi balloon in France, or the Enron or mortgage balloons in the United States, because the bitcoin ‘has no use value, but only exchange value.'”
Alas, in new comments to the Turkish press, Cetinkaya sang a much different tune, showing just how fast regulatory attitudes are changing in the Mediterranean nation.
The CBRT president mused on how a new-CBRT research group—comprised of regulatory experts, government officials, and crypto veterans—was already hard at work charting a path forward for regulated cryptocurrency use by Turks.
What's the 'take-away' from this article about the people of Turkey embracing crypto-currencies? Even the… https://t.co/o0H5hUyknQ
— Lynn Ferguson (@xicorx) November 3, 2017
Analysts have noted that Turkish interest in Bitcoin skyrocketed last year after the Turkish Lira began to lose a considerable amount of its purchasing power.
Unsurpsingly, then, everyday Turks began buying and researching Bitcoin and other cryptocurrencies in unprecedented numbers. Search engine statistics show “Bitcoin” searches spiking in Turkey over the past 12 months with no signs of slowing down any time soon.
Indeed, buying interest and research interest in BTC is reaching a critical mass there, as Shant Manukyan—a leading Turkish economist—was clear in confirming Cetinkaya’s revelation: “[Yes] there is serious bitcoin research happening in Turkey.”
Where this research will lead, no one knows for sure—not yet at least.
But eager Turkish buyers will surely continue doing their part to bolster BTC’s price going forward.
TLDR: Turkey’s Central Bank is taking active steps to research and understand cryptocurrencies, signaling an increasingly positive attitude toward Bitcoin and co. in the nation.