Turkish government to create a central custodian for cryptocurrency transactions – Bits Media

Turkish government plans to establish a central depository bank, to eliminate counterparty risk when dealing with cryptoassets, and also introduce capital requirements for cryptocurrency exchanges.

According to Bloomberg, citing a high -ranking official, acquaintance with the plans of the government of Turkey, Legislators plan to submit new rules for participants in the cryptocurrency industry. The source announced the plans of the government to create the Central Castodian Bank, To eliminate the risk of a counterparty after the collapse of two cryptocurrency exchanges last week.

The Turkish authorities also consider the possibility of establishing the threshold of capital for cryptocurrency exchanges and requirements for the formation of leaders of firms. Information about the impending regulation appeared a few days after, As the chairman of the Central Bank of Turkey, he excluded the possibility of a complete ban on cryptocurrencies in the country and said, that within two weeks a wide range of rules for the industry will be presented.

These comments were made a few days before, as a ban on the use of cryptocurrencies for payments in Turkey, must enter into force. Prohibition, which was introduced due to the sharp increase in the use of cryptocurrencies in the country due to the fall of the lira, caused protests of the political opponents of the government.

It is almost impossible to completely prohibit cryptocurrency in Turkey. Local media reports, what's in the beginning 2021 of the year, In parallel with BTC price growth, The trading volume of the two largest cryptocurrency exchanges in the country - Paribu and BTCTURK - daily exceeded $1 billion. According to local reports, The total trading volume of cryptocurrency in January was about 25% From the volume of trading on the Istanbul Stock Exchange.

Recall, that last week the Turkish police began to investigate the activities of the Thodex Exchange, which stopped working after the founder flee. Besides, The other day, the employees of the Turkish Exchange Vebitcoin were arrested on suspicion of fraud.