The presidential elections in Turkey (May 14) could have a pivotal role in the future financial situation of the country. It could also affect the local cryptocurrency industry because the two main candidates – Recep Erdogan (current political leader) and Kemal Kilicdaroglu – share completely different views.
The former declared “war” on bitcoin in 2021 and supported the central bank’s efforts to launch a digital lira. Kilicdaroglu stands in the opposite corner as a supporter of cryptocurrency and Web3.
A real opportunity for change
Turkey’s upcoming presidential elections this weekend appear to be the most closely contested in over a decade, with Erdogan facing a formidable opponent – Kilicdaroglu.
The current president has been in charge since 2014 and has been heavily criticized for some of his political decisions. On the one hand, he took the country down a conservative path, distancing it from the Western world and maintaining strong relations with Russia (although Turkey is part of NATO).
The shaky economic situation of the transcontinental nation during his reign could be another point used by the opposition. the Inflation rate In Turkey it is one of the highest in the world, while its official currency – the Turkish lira (TRY) – recently fell to a record low against the US dollar.
It seems that Kilicdaroglu’s political outlook is completely different from Erdogan’s. pledged to bring freedom and democracy to Turkey, say This is what young people want.
We want a free media and full judicial independence. Erdogan does not think this way. He wants to be more authoritarian. He told the BBC that the difference between us and Erdogan is the difference between black and white.
Besides being ranked as a favorite of the younger generations, the 74-year-old politician could garner strong support from the Kurdish minority as the Peoples’ Democratic Party (HDP) would rather see him as president than Erdoğan. Approximately 15% of voters in Türkiye are of Kurdish origin.
According to a recent poll, Kilicdaroglu could get about 49% of the vote on May 14, while Erdogan could get 43%. However, a candidate needs more than 50% to be elected, which means a runoff could be on the cards.
Another major difference between Erdogan and his rival is their stance on cryptocurrency. In the following lines, we will note how the election results can affect the local digital asset sector.
War on Bitcoin for another five years
President Recep Erdogan advertiser in September 2021 that the government is at war with cryptocurrencies and has “absolutely no intention of embracing it”.
We will not give them such an allowance, we will not give them such an allowance. Because we will continue to walk with our money, which is our primary identity in this matter.”
Turkey is also among the many countries that have not imposed comprehensive oversight of the digital asset sector. The lack of rules was one of the factors that led to the multi-billion dollar scandal involving the cryptocurrency exchange Thodex.
According to many sources, the CEO of the entity defrauded clients out of $2.6 billion and left the country. He was captured in Albania two years later and They are deported He returns home to face justice.
Despite Erdoğan’s hostile stance on cryptocurrencies and the chaotic regulatory environment, Turks have shown a growing appetite for digital assets (seen as an alternative to the depreciating TRY). Actually, it was interesting to rise After each time the government introduces anti-crypto policies.
However, it remains doubtful (given his controversial views) that the current president will change his stance on the matter and give cryptocurrencies his blessing.
The opposite scenario
Kilicdaroglu’s potential win could greatly boost the local crypto industry as the candidate has vowed to let it thrive. He is also fond of Web3 technologies, say:
“Once we are in power, we will unblock PayPal and expand Web3 platforms. Entrepreneurship ecosystems will be our mainstay.” the owners. We will end the economic, scientific and political transitional period in Türkiye.
The country where entrepreneurs and young people can live freely is very close. We will do it with the brightest minds of the world and our country.
Moreover, Kilicdaroglu Criticize The Central Bank’s decision to ban cryptocurrency as a payment method within Türkiye’s borders.
“I’ve been talking to various stakeholders all day. Blockchain and cryptocurrency are the only two areas where our billion-dollar (unicorn) initiatives will emerge.”
It is safe to assume that Turkish cryptocurrency enthusiasts will be among Kilicdaroglu voters this weekend.
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