Will Turkey Follow El Salvador to Legalize Bitcoin (BTC) Tender?

Parasshuram Shalgar
January 20, 2022
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El Salvador’s President Nayib Bukele arrived in Turkey Thursday to meet President Recep Tayyip Erdoğan in a bid to foster alliance and investment in the Central American country.

Just before arriving Bukele had tweeted, “This Thursday, on a State Visit, I’ll hold a meeting with Recep Tayyip Erdoğan, President of Turkey.”

Speculations and memes started arriving on Twitter asking the Turkey President if he intends to follow El Salvador’s path on Bitcoin!

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Turkey keeps interest rates unchanged.

Interestingly, Turkey’s central bank kept its benchmark interest rate untouched, pausing an easing cycle that had helped propel inflation to its highest level since the beginning of President Recep Tayyip Erdogan’s rule.

The country’s Central bank held key rate at 14%, in line with forecasts. signaling more gradual easing in 2022 as the economy adjusts to the situation.

CoinGape had reported earlier in an article titled, “Turkey seeks to implement the crypto law “as soon as possible” briefing the latest update in Turkey’s upcoming crypto law.

The meeting between the two presidents will take place in Ankara on Thursday and Friday.

Describing the president’s visit, the Salvadoran government released a statement, “El Salvador has explored opportunities for Turkish firms to invest in El Salvador, specifically in energy and tourism, setting out the advantages of the coastal strategy known as Surf City.”

It will be interesting to see the outcome of the meeting considering the speculations surrounding the country’s bitcoin policies.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Parasshuram has been online in various capacities as a pro-blogger, top researcher, and now a senior editor at CoinGape.com. He has over 14 years of experience in the field of online publishing. Mr Shalgar can be reached at [email protected].
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.