Bitcoin and Cryptocurrency Policy of Turkey and the World States
The authority to issue money is one of the most important sovereign powers of the modern state. Therefore, the modern state wants to have full control over the currency valid in its country. At the same time, states are trying to provide maximum control over other currencies, commodities and bills of exchange in their countries with regulatory laws and institutions and try to do this with various instruments and economic policies.
Bitcoin is built on a decentralized network technology called blockchain. Bitcoin's built-in blockchain technology allows the transfer of person-to-person data - what is referred to as Peer to Peer - and does not require a third-party agent for this. If the network operates, the consent of an intermediary person or institution is not required. Transactions on the network can be monitored transparently and it is possible to know which Bitcoin account is available and how much.
However, a Bitcoin account can be accessed with a private key, and when a private key belonging to an account is lost, no person and authority can access that Bitcoin account. When creating a wallet / account on Bitcoin's blockchain network, no personal information is provided and no IP data can be stored. Therefore, it is not possible to establish a direct connection between a real user or IP and a bitcoin account. Therefore, Bitcoin transactions can only be tracked through the identification information that is revealed during the passing of the nominal money.
The above features of Bitcoin show that Bitcoin is an extremely difficult asset to control. This makes states doubt about Bitcoin. Some states allow Bitcoin transactions to the extent that they can control, while others allow them to ban Bitcoin. States' Bitcoin policies may also vary according to the nature of their regimes. In general, the oppressive countries are much more skeptical and bitter against Bitcoin, while liberal-market countries with liberal democracies tend to be warmer to Bitcoin.
In recent months, the Governor of the Central Bank of Iran, Nasir Hakimi, told the semi-official news agency Tasnim in Iran that Bitcoin transactions were banned. Bitcoin is a risky financial asset and anti-money policies have been cited. As one of the important reasons why Iran, which has an authoritarian regime, forbids Bitcoin, Bitcoin is a difficult entity to control.
One of the countries that banned Bitcoin in recent years was China. China started to follow strict policies against Bitcoin since 2013 and at the beginning of 2018, it banned the public offering process of new crypto money projects called ICO (Initial Coin Offering) and foreign crypto money exchanges. China's National Development Reform Commission has recently announced that crypto-money mining activities are included in the sectors that are expected to be shut down due to the electricity used and its environmental damage.
China is also pursuing a fiscal policy aimed at preventing the crypto currency transaction volume from rising excessively against the Yen. According to a claim made last month with all these data, China is preparing to launch the national crypto currency. As the first users, banks, online trade giant Alibaba and internet giant Tencent is among the allegations identified. Although China maintains its policy of prohibiting crypto-currency initiatives, it has been looking at the sector more moderately in recent years and integrating crypto-currencies into the financial system as much as it can control.
In 2014, the Russian government banned Bitcoin for use in terrorism and other illegal activities. Russia, which, like China, was skeptical of Bitcoin in the early years of Bitcoin emergence and banned Bitcoin, gradually removed legal barriers to trading Bitcoin and other crypto currencies and issued regulatory regulations on the sector.
In the early years of the Bitcoin, European countries and the United States approached Bitcoin with suspicion and did not place Bitcoin on a legal basis, but did not choose to ban it. Since 2009, due to the increase in Bitcoin's market volume and number of users, they have decided to regulate and tax Bitcoin and gradually integrate it into their financial systems.
Turkey, on the other hand, is one of the countries where there are many crypto currency investors and the interest in crypto money is highest, and it prefers to follow publicly about crypto money. Although there have been no prohibition attempts on Bitcoin so far, there is no current crypto monetary policy, strategy and regulation preparation. Despite the claims of the Payment Services and Electronic Money Law adopted in 2013 for the purpose of regulating crypto currencies, it was stated by the public authorities that the said regulation does not cover crypto currencies.
Original of this article prepared by Barimeks Bitcoin Borsası, which is Turkey's new inovative crypto exchange, and can found at this link Türkiye ve Dünya Devletlerinin Bitcoin Politikaları
Bitcoin is built on a decentralized network technology called blockchain. Bitcoin's built-in blockchain technology allows the transfer of person-to-person data - what is referred to as Peer to Peer - and does not require a third-party agent for this. If the network operates, the consent of an intermediary person or institution is not required. Transactions on the network can be monitored transparently and it is possible to know which Bitcoin account is available and how much.
However, a Bitcoin account can be accessed with a private key, and when a private key belonging to an account is lost, no person and authority can access that Bitcoin account. When creating a wallet / account on Bitcoin's blockchain network, no personal information is provided and no IP data can be stored. Therefore, it is not possible to establish a direct connection between a real user or IP and a bitcoin account. Therefore, Bitcoin transactions can only be tracked through the identification information that is revealed during the passing of the nominal money.
The above features of Bitcoin show that Bitcoin is an extremely difficult asset to control. This makes states doubt about Bitcoin. Some states allow Bitcoin transactions to the extent that they can control, while others allow them to ban Bitcoin. States' Bitcoin policies may also vary according to the nature of their regimes. In general, the oppressive countries are much more skeptical and bitter against Bitcoin, while liberal-market countries with liberal democracies tend to be warmer to Bitcoin.
In recent months, the Governor of the Central Bank of Iran, Nasir Hakimi, told the semi-official news agency Tasnim in Iran that Bitcoin transactions were banned. Bitcoin is a risky financial asset and anti-money policies have been cited. As one of the important reasons why Iran, which has an authoritarian regime, forbids Bitcoin, Bitcoin is a difficult entity to control.
One of the countries that banned Bitcoin in recent years was China. China started to follow strict policies against Bitcoin since 2013 and at the beginning of 2018, it banned the public offering process of new crypto money projects called ICO (Initial Coin Offering) and foreign crypto money exchanges. China's National Development Reform Commission has recently announced that crypto-money mining activities are included in the sectors that are expected to be shut down due to the electricity used and its environmental damage.
China is also pursuing a fiscal policy aimed at preventing the crypto currency transaction volume from rising excessively against the Yen. According to a claim made last month with all these data, China is preparing to launch the national crypto currency. As the first users, banks, online trade giant Alibaba and internet giant Tencent is among the allegations identified. Although China maintains its policy of prohibiting crypto-currency initiatives, it has been looking at the sector more moderately in recent years and integrating crypto-currencies into the financial system as much as it can control.
In 2014, the Russian government banned Bitcoin for use in terrorism and other illegal activities. Russia, which, like China, was skeptical of Bitcoin in the early years of Bitcoin emergence and banned Bitcoin, gradually removed legal barriers to trading Bitcoin and other crypto currencies and issued regulatory regulations on the sector.
In the early years of the Bitcoin, European countries and the United States approached Bitcoin with suspicion and did not place Bitcoin on a legal basis, but did not choose to ban it. Since 2009, due to the increase in Bitcoin's market volume and number of users, they have decided to regulate and tax Bitcoin and gradually integrate it into their financial systems.
Turkey, on the other hand, is one of the countries where there are many crypto currency investors and the interest in crypto money is highest, and it prefers to follow publicly about crypto money. Although there have been no prohibition attempts on Bitcoin so far, there is no current crypto monetary policy, strategy and regulation preparation. Despite the claims of the Payment Services and Electronic Money Law adopted in 2013 for the purpose of regulating crypto currencies, it was stated by the public authorities that the said regulation does not cover crypto currencies.
Original of this article prepared by Barimeks Bitcoin Borsası, which is Turkey's new inovative crypto exchange, and can found at this link Türkiye ve Dünya Devletlerinin Bitcoin Politikaları
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