Turkish president slams gambling but embraces crypto

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Updated October 25, 2022 | Published October 25, 2022

2 mins read

The President of Turkey has issued argued that the underpinning technology of crypto is something to look into, but gambling with that technology is not.

President of Turkey Recep Tayyip Erdogan has commented on the state of cryptocurrencies and blockchain in the country.

Speaking last week, Erdogan said that blockchain as a technology is useful and can be leveraged successfully in the economy.

However, he remained aware of the other uses of cryptocurrencies, such as using cryptocurrency to gamble and outright condemned them.

Erdogan wants the country to develop cryptocurrencies rather than use them internally. His administration has not been very friendly to cryptocurrencies either. Just last year, the President announced a war against crypto.

Faced with runaway inflation, Erdogan’s government banned the use of crypto for payments, fearing that as the lira continued to collapse, people would increasingly ditch FIAT and try stablecoins such as USDT, or just keep storing their money in Bitcoin.

Despite this opposition, cryptocurrency in Turkey is circulating freely, even if unregulated.

His latest comments may be a signal that crypto regulation needs to tighten and move in a way that does not stifle innovation.

Blockchain is a good starting point, although consumers and investors are just as interested in cryptocurrencies as they are in blockchain – if not more.

Restricting the use of cryptocurrencies so that people cannot participate in illegal gambling activities is a good observation and a fair one.

“I advise our young people to take part in the change of innovations such as blockchain technology and turn to larger and more fertile channels instead of turning to crypto money gambling that has no basis”, Erdogan explained.

Overall, Turkey has the potential to be an important leader in the cryptocurrency sector. How far it will get will largely depend on its President’s mood.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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