Turkish Stablecoin Issuer Predicts New Blockchain Regulations

Turkish Stablecoin Issuer Predicts New Blockchain Regulations

Recently, the co-founder of BiLira, the very first stablecoin to go with Turkish Lira, created a stir in Turkey’s crypto-world by announcing that by the end of the next year, they may announce a “new regulatory framework” for the blockchain technology. The COO and co-founder of BiLira, Vidal Arditi, said in an interview that the new framework is primarily meant to safeguard the interests of the new people joining the crypto world and the existing investors, rather than to create a bump in the sector’s growth.

Vidal Arditi also said in the interview that Turkey’s government is highly enthusiastic and invested in the future of blockchain technology and what it can achieve. He went on the say that the top government officials have been backing and supporting the blockchain associations, student clubs, blockchain pools, blockchain accelerators, and so on. He said that “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.”

Turkey’s government, as per Arditi, is interested in integrating the blockchain technology to its financial sphere. The Central Bank of Turkey has even gone on to publicly declare that they are interested in a cryptocurrency or a blockchain-based ledger currency for transactions. The COO of BiLira said that the stablecoin enjoys endorsement from the government and banking agencies and authorities in Turkey. There are ongoing discussions going on between BiLira’s officials and the government as well as the country’s financial and banking regulatory departments.

Arditi went on to say that the Turkey government has offered its support to the company and have saluted their efforts to integrate blockchain technology to the country’s financial sphere. The Turkey government is keen on making BiLira a huge success and has extended its support to the fullest extent possible. However, Arditi did mention that there are a few hiccups that the company is facing as of now from local legal professionals who are experienced in advanced distributed ledger systems and technologies.

Vidal Arditi said that the blockchain technology, as well as cryptocurrency, belongs to an ecosystem that is relatively new and nascent. To fully integrate it into the domestic and global financial sphere flawlessly requires a lot of knowledge, research, and technical aggregation, the expertise that Turkey currently lacks to some extent. After its launch last year, BiLira has been able to service over 1,500 users and counting with the token issued of over $14 million worth of Turkish Lira.

Recently, good news came for the Turkish people as BTSE, one of the foremost crypto trading platforms, announced the spot listing services for BiLira against USDT or Tether. It provides an average crypto trader and investor in Turkey to gain much-needed exposure to the USD. It comes as a welcoming measure by the platform, especially during the financial crisis the country is facing.

The money of May saw a rapid decline in the value of Turkey’s Lira as the banking regulators aimed at protecting the currency and country’s financial situation by imposing strict restrictions against any overseas transactions in Turkey’s Lira. It was primarily meant to stop foreign efforts to short-sell the currency and reduce any negative speculation. BiLira announced on June 8 that it would be soon issuing its token on the AVA platform once they complete their mainnet launch. The company would also continue to issue its BiLira in the form of ERC-20 tokens on the Ethereum network.

Adriti added that his team has been working on developing for the AVA platform a few months ago, especially as the company is currently facing many issues with Ethereum at the moment, including the issues of scalability and completion. He also hinted towards the fact that BiLira would continue to work on expanding its presence by adapting to different blockchain ecosystems as they surface.

You must be logged in to post a comment