Turkey’s President Orders Ruling Party To Analyze Digital Assets

Recep Tayyip Erdoğan, the President of Turkey, has requested that the governing party examine virtual assets and the metaverse.

Unlike in the past, the nation now seems to be very interested in the virtual asset industry.

The Turkish President has directed the ruling party to study new technologies, including digital currencies and the metaverse. The present order follows an earlier meeting between the Turkish President and the President of El Salvador.

The new order came up at the AK Party’s board meeting chaired by the President. The Justice and Development Party, which presently leads Turkey, is the nation’s ruling political force.

The government of Turkey is not the only one mulling over the complexities, risks, and advantages of digital currencies and crypto assets. The Biden administration got on the same path earlier this week. Moreover, a couple of countries are mulling over the creation of central bank digital currencies.

It is to be noted that the Turkish Lira has lost more than half its value against the dollar. Turks are becoming more and more interested in digital assets, more like the Wild West. The most recent development proposes regulation instead of a complete blanket ban of the new technologies.