Turkey CMB accelerates control of Bitcoin and cryptocurrency by 2020

By Dorothy 01/6/20 5:28 AM

The Turkey regulator Capital Markets Board (CMB) said to be working to monitor, audit, and regulate cryptocurrency, especially Bitcoin. CMB is planning to accelerate efforts to regulate Bitcoin and cryptocurrencies by 2020. The move is mostly due to pressure from public organizations and local authorities.

CMB will probably emphasize the supervision, regulation, and audit of Bitcoin, as well as for cryptocurrencies in general. To date, Turkey has no fixed laws governing the use of cryptocurrencies in Turkey.

According to a report on Hurriyet, the authorities have expressed concern that there is not any legal and regulatory framework for cryptocurrencies in Turkey that wants to comply with CMB regulations and oversight. Upon request from public authorities, it is known that the CMB begins to operate rapidly with the new year.

The news, based on an official close to the topic, estimated that about 1 million investors, the accumulation of risky cryptocurrencies related to money in Turkey, passed, and he decided to do so. Check and regulate cryptocurrency and mediation to avoid potential victims that have been recorded.

While 2019 is the year that regulatory steps are done in cryptocurrency, 2020 is predicted to be the year it will accelerate. Many countries around the world are researching the legal regulations on cryptocurrencies.

CMB against Bitcoin

CMB has announced it will increase its regulations. The government has witnessed cryptocurrencies being used for illicit purposes. Of course, this is possible with cash, but the rules are still useful.

While Turkey now shows the significant use of Bitcoin compared to other countries in Europe. The total EU population using Bitcoin is about 25%. Turkey has more than 45% of the people active in Bitcoin and other cryptocurrencies. The board can take steps not only for cryptocurrencies but also for cryptocurrency exchanges. Sources close to CMB say the risks in cryptocurrency are significant, but governance will help control it.

Turkey’s control systems are just one of many countries seeking to implement more significant levels of surveillance. The US government is also reviewing regulations, especially Bitcoin and other cryptocurrencies. The problem is mainly due to the risk of money laundering and the use of terrorism. However, the difficulty of collecting taxes also raises some concerns for national governments.

Other authoritarian regimes like China have restricted the use and trading of Bitcoin. The Chinese government has now announced the release of its internal digital currency, far different from open markets.