Economy: Turkey objects to the use of BitCoin

A tweet from Mehmet Simsek, the deputy prime minister has expressed sincere disagreement with the concept of BitCoin and has advised the public to “Stay away from this speculation”. Others have mentioned that although the trend of bitcoin is rising, it is very likely to collapse in the future. Increased risk of fraud is also an issue that has been mentioned by experts thus branding it an unreliable method of transacting money.

The value of one bitcoin has soared recently and is now worth 64,792 Turkish Liras at the time of writing. This has forced many experts to reconsider the future of bitcoin and re-analyze the crypto-currency market. Many economists view Bitcoin as a true threat to the global financial market and if the value of Bitcoin continues to rise, banks all over the country (and the world) will struggle to continue their operations under the traditional method.

The use of BitCoin seems to be rising with the rest of the world with many organizations making provisions to accommodate its use. Many companies have decided to start paying its employees using Bitcoin and plan to eventually operate their entire business using this method. Turkey on the other hand, do not seem to warm to its potential benefits on the economy.

How do you think this will affect the Turkish economy? Do you think this will attract a black market for crypto-currencies within the nation?

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