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ARTICLE · 19 JUNE 2020

Evaluation Of Cryptocurrency Under Turkish Law

Inanici - Tekcan Ortakligi
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There is no specific Turkish legislation regulating the production or use of cryptocurrencies at the moment.

TurkeyTechnology
Haluk İnanıcı
Haluk İnanıcı
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Cryptocurrency in its most broad definition is a virtual currency which is digitally created in an encrypted way without any connection to central authorities or any intermediary institutions and is used via internet. Bitcoin is the first cryptocurrency released on crypto market. The term "Bitcoin" is a combination of the words byte (data size) and coin. Apart from Bitcoin, hundreds of altcoins other cryptocurrencies have been launched such as Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, Neo, Iota, Monero, Nem and Zcash.

The main benefits of use of cryptocurrencies in business transactions are;

  • Low inflation risk due to the limited production and independence from governments

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