The regulatory group of Turkey, the capital market board (CMB), is considering accelerating the regulations regarding bitcoin and cryptocurrency by the year in 2020. This move is influenced by the extreme pressure from public monstrosities and local authorities. The CMB will most probably stress on surveillance, regulations and audit of bitcoin, and cryptocurrency in general. Turkey currently lacks a rooted governing law to govern the cryptocurrency usage in the country.
The real reason behind CMB interruption
Turkey leads the pack against other European countries when it comes to bitcoin usage. Overall EU population bitcoin usage is restricted to 25 per cent. In contrast, Turkey leads the line with 55 per cent of its people engaged in bitcoin and other cryptocurrency exchange.
Be that as it may, the CMB has already confirmed its plans to increase regulation in the country. The board may take firm initiatives not only restricted to cryptocurrencies but also for the cryptocurrencies trading. Since the current scenario is so lax, the government has seen the cryptocurrencies being put to bad use. Not like that can’t be the case with regular cash too, but regulations in place would surely stiffen up the situation.
Turkey’s CMBs are not the only one trying to enhance the levels of oversight. The issue is so prominent because of the evil schemes of money laundering and terrorist activities. However, this also opens the doors of difficulty in fetching taxes for the national governments. The U.S. also is following along the same line. Other more assertive areas like China have already gathered control over bitcoin usage and trading. It has already launched its own currency to tackle the situation.
The miraculous thing regarding bitcoin is its ability to float amidst the current complexity. The recent announcement by CMB is undoubtedly a bummer, but bitcoin’s influence remains unharmed by the news. In fact, as governments try to tighten their grip, it might further enhance the level of freedom which is the vox populi. Most certainly, the demand increase would be followed by a rise in value too.