Vidal Arditi, the COO and co-founder of the Turkish stablecoin project BiLira, has predicted that Turkey will announce a new regulatory framework for blockchain “within the next year.”
It has been reported in an interview, where Arditi predicted that the updated apparatus will be designed “to protect the average guy and the investors and not inhibit the growth of the sector.”
However, Arditi also highlighted that Turkey’s government has been heavily investing in the country’s blockchain future by asserting that Turkey’s leaders have been heavily “backing blockchain associations, blockchain student clubs, blockchain accelerators and such.”
He added:
“I’m sure we’ll see a lot more projects in the crypto space one year from now in Turkey, and we’ll see how the government will respond.”
It has been analyzed that Arditi described Turkey as at “a point of inflection” regarding blockchain by noting that the central bank “publicly declared that they would like to have a cryptocurrency or a distributed ledger technology-based currency to transact values.”
The co-founder of pioneering Turkish stablecoin BiLira is expecting Turkey to announce new regulators targeting investor protections https://t.co/sJTbmZmdCY — Cointelegraph (@Cointelegraph) June 14, 2020
He also stated that the stablecoin is openly supported by Turkey’s top government agencies by stating:
“We’ve actually been really in close talks with both the central bank [and] the banking regulator’s department.”
He added:
“Both the central bank and the Banking Regulation [and Supervision Agency] have saluted us and have told us that they want to see us succeed and they are here to help.”
Instead of the government’s permissive stance regarding blockchain and stablecoins, Arditi noted some challenges in seeking assistance from local legal professionals experienced with distributed ledger technologies (DLT).
Likewise, he said:
“Blockchain and cryptocurrency is a relatively infant ecosystem and requires a lot of knowledge aggregations, which Turkey as some have and at some points really lacks.”
Thus, Arditi concluded:
“We are hoping to expand our presence and network depending on what types of blockchain and networks arise in the upcoming months and years.”
Source: Cointelegraph | Image: Bitcoinist