Community objections blocked a top-down bill to regulate cryptocurrencies in Turkey, showing how crypto users can organize to protect their rights, burak_tamac and Erkan Öz write. Opinion.
The Turkish government's ambitious plan to restrict the use of cryptocurrencies to protect the local currency, the Turkish lira, faced a strong challenge from the crypto communities in the country. It’s a rare example of grassroots action effectively pressuring the government, and may provide a valuable lesson for lawmakers and organizers in other countries.
The outrage on social media forced government actors to engage with various Turkish crypto communities to assuage their concerns about restrictions. Measures such as licensing, technological compliancy and capital-backing requirements should be introduced to protect retail investors. The ruling party’s officials and bureaucrats attending the meeting did not express their views on either the draft legislation or the proposals expressed by the crypto communities at that time. However, the government postponed the bill for apparently political reasons.
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