The upcoming election in Turkey on Sunday May 14th is drawing attention from all around the world. Recep Tayyip Erdoğan, the current president and Kemal Klçdarolu, his opposition candidate, have vastly different views on the cryptocurrency sector. While Erdoğan has spoken recklessly against Bitcoin and is genuinely looking to build a digital lira, Klçdarolu is much more favourable to cryptocurrency platforms. The former has vowed to never approve Bitcoin or any other digital currency in Turkey, while the latter has assured to cancel the existing PayPal ban and support the growth of Web3-related platforms.
The current situation in the Turkish digital asset market has become alarming, due to reports of numerous cryptocurrency exchange frauds in 2021. The lack of regulations is one of the direct causes of these crimes and this may well happen again until a strong law is passed. Turks, although aware of the risks of investing in digital currencies, remain dependent on them during these difficult times, as an alternative to the depreciating Turkish lira.
Klçdarolu has questioned the Central Bank’s decision to ban cryptocurrencies which is seen as a payment mechanism by many. He claims that his regime would not only lift the PayPal ban to enable entrepreneurial ecosystems to reach its full potential, but also leverage on blockchain technologies as well. If elected, Klçdarolu would show remarkable progress in the local crypto industry, by providing stable regulations and enlarging the existing market in ways we can’t even imagine yet.
As per the current statistics, Klçdarolu is expected to get around 49% of the votes next Sunday, while Erdoğan is considered around 43%. Nevertheless, a presidential candidate must gather more than 50% of the vote in order to be elected and if this fails to happen, a runoff vote will probably take place. While we can’t make any astute predictions, many crypto enthusiasts are waiting with bated breaths to see what kind of impact the upcoming election will have on the digital assets of Turkey.
Dorothy Reyes
- 2023-05-14
Impact of Upcoming Turkish Election on Crypto Sector
The upcoming Turkish election could have a major impact on the local cryptocurrency sector. Current president Recep Tayyip Erdoğan has spoken recklessly against Bitcoin in the past, yet opposition candidate Kemal Klçdarolu is much more favourable to cryptocurrency platforms.
