Banking Regulation and Supervision Agency (BDDK) Chairman Mehmet Ali Akben said that they are working on legal regulations on cryptocurrencies.
BRSA Chairman Akben, who attended a conference held at Gaziantep Hasan Kalyoncu University, stated that cryptocurrencies create question marks in their minds and that they are working on making regulations for this reason.
Akben said:
“I came here from the Ankara meeting on what can be done on the digital side regarding crypto currency regulation. Of course, there are also studies on crypto money. Confused about this. In many countries of the world, a regulation has not yet been made in this regard. What will this money replace, where will the system evolve? As always, it comes down to being cautious about something new. We use the term Islamic finance as participation finance. We have reached the final stages in the law of participation finance studies. We are talking about a banking system in our country. The share of participation banks in the sector is 8 percent, but their share in the capital is 5 percent. 10 percent on the credit side. On the side of SME loans, it is around 30 percent. There is also a savings gap in our country. We want to grow, naturally we want to provide foreign resources. Recently, we have been experiencing an inflation problem in the world, we are experiencing an energy problem. We are one of the countries most affected by this. Our expectation is to get rid of the inflation spiral soon. We have to catch alternative finance products before those who want to catch up before our age. It is of course very important to create new technologies and new investment areas in countries with a savings deficit like ours.”
