Asian country Turkey could soon have a regulatory framework for the crypto industry, one of the country’s top leaders has revealed. The minister further stated that he has warmed up to digital currencies, describing them as “effective for world trade.” Mustafa Varank, the Minister for Industry and Technology, spoke in a recent interview with Bloomberg HT. He revealed that he has been anti-Bitcoin for years now, viewing it as just a tool for criminals. However, in recent months, this stance has changed.
Turkish government is endeavoring to introduce crypto regulations.
The minister revealed that he was much more negative about cryptocurrencies. “I did not believe that this business could be very involved in world trade. I see that they are very active today,” he told the outlet. The minister disclosed that the Turkish government is endeavoring to introduce regulations to the nascent industry. However, he also believes that the digital currency industry “is a very suitable area for fraud if left unsupervised.”
“We will not leave the risky cryptocurrency space unsupervised.”
The Turkish minister added, “We will not leave the risky cryptocurrency space unsupervised. At the point we have reached today, we are talking about an area that is very uncontrolled, has great risks, and where fraud is a possibility.” Varank’s remarks come just a week after Turkey’s Ministry of Treasury and Finance revealed it’s working towards regulating the industry. The ministry is working with the central bank and the Banking Regulation and Supervision Agency on the crypto regulations. The minister believes that all developed economies will eventually regulate the crypto industry. Currently, some have already started formulating these regulations, even though they are in the very early stages.