Is Turkey at war with crypto now?

turkey erdogan

According to president Recep Tayyib Erdoğan, Turkey will never embrace crypto. But he has a completely different opinion regarding blockchain technology.

In an event held with youth from all over the country in Mersin, Turkey, the president answered some questions about crypto. Erdoğan disagrees with the Turkish central bank’s declaration made last week. “We have absolutely no intention of embracing cryptocurrencies,” he said.


“On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies]. Because we will move forward with our own currency that has its own identity.”

Since 2019, the country has taken a pro-blockchain approach, announcing plans to create the appropriate infrastructure. Meanwhile, last week, the Central Bank of the Republic of Turkey signed several agreements with tech firms. The collaboration will create the Digital Turkish Lira Collaboration Platform.

central bank turkey

The agreements will help to inspect and develop the digital lira. The most important financial institution in Turkey signed contracts with technology firms Aselsan, Havelsan, and TÜBİTAK. The three collaborators will help in the development and also testing of a new network.

This network is a prototype that will host the central bank’s digital currency. The project will embrace “blockchain technology, the use of distributed ledgers in payment systems, and integration with instant payment systems.” But this will be possible at a later stage.

The central bank hasn’t decided if it will issue its own digital currency yet, but it is testing the environment. After the results, which are expected to next year, have been delivered, the CBRT will make a definitive decision. But after Erdoğan’s declarations, a digital lira seems a little impossible at the moment.

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