Turkey’s government is set to create a centralized banking system that can keep on top of cryptocurrency movements, in order to minimize the risk of the market collapsing. This is right on the heels of two cryptocurrency exchanges folding over the past week, as the country attempts to gain more control over the industry in general.
Turkey is also considering a capital threshold for cryptocurrency exchanges, as well as requirements around education for CEOs of the platforms. Turkey just banned the general public using cryptocurrencies as a payment method for products and services, as the lira has continued to do terribly.
However, while Turkey might have high hopes with their ban, it’s actually almost impossible to implement. Despite these moves, BtcTurk and Paribu, both major crypo exchanges in the country, were trading more than $1 billion of cryptocurrency every day.
Additionally, employees of two popular exchanges are being investigated by authorities.