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

By Parasshuram Shalgar
January 20, 2022 Updated January 20, 2022
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Will Turkey Follow El Salvador to Legalize Bitcoin (BTC) Tender?

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!

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.

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]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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