Around mid-April, the Turkish Government revealed its desire to place a ban on cryptocurrencies and payment channels in the country that involve the use of cryptocurrencies.
While that did not go down well with a lot of crypto users in the country, the announcement has driven curiosity among Turkish citizens. This news definitely fueled the increase in curiosity about Bitcoin. More and more google searches about Bitcoin have been made in the country.
Towards the end of February this year, the Turkish currency, Lira fell in value by 15% just one day after the impeachment of the Governor of the Central Bank of Turkey. This sudden drop in value also triggered searches for Bitcoin according to metrics from Google trends. The most voluminous Bitcoin and cryptocurrency-related searches have however been made more recently.
Negative reports in the Turkish crypto space such as the folding up of Vebitcoin, a crypto exchange, and the rug pull done by Thodex, the third-largest exchange in Turkey have not discouraged the citizens from drifting towards the crypto space. It could be rightly said that all these events have contributed to the curiosity among individuals in the country.
Crypto Regulations to be Established
While the Government of Turkey has received many appeals to embrace cryptocurrencies, at the moment, it is working towards regulating cryptocurrencies in the Country. The Government is working hand in hand with law enforcement agencies and regulatory bodies to ensure that fraudulent activities related to cryptocurrencies are completely halted in the country.
The new governor of the central bank is in full support of the proposition to regulate cryptocurrencies in the country. The citizens expect to hear from the government in the next few days about the regulations that will be put in place to protect its citizens from high risks and fraudulent activities.