Turkey President Erdogan Believes Turkey is "at War with Cryptocurrency."

When it comes to cryptocurrencies, Erdogan toughened up, however, saying: We don't want to open up to cryptocurrencies.

On the contrary, we are at war with them." he said.

Erdogan also confirmed that Turkey's currency, "the lira", was a priority above all other currencies within its jurisdiction.

Few heads of state have shown such clear hostility to the crypto sector like Erdogan.

Part of this reason is due to the performance of the Turkish Lira.

The Lira has devalued steadily over the decade.

Erdogan has also fired the governor of the country's central bank three times in two years, which does not particularly help promote confidence.

Many Turks are turning to cryptocurrencies, and a survey in 2019 revealed that one in five residents owned cryptocurrency.

However, since then, the Turkish government has toughened its stance on cryptocurrencies and banned payments in digital assets in April 2021.

Instead, the regulation classified crypto-assets as commodities, and traders can still trade them within licensed exchanges in the country.

Turkey has also begun the testing phase regarding its central bank digital currency (MNBC).

The digital Lira is expected to be built on blockchain technology, and the government is hoping that its launch will help revalue the country's fiat currency.

The central bank has also established a Turkish Digital Lira Collaboration Platform, which relies on three local businesses.

It is expected that more information on the digital Lira will be released by the end of the year.

What do you think about the comments by Turkish President Recep Tayyip Erdoğan?