“Work on Metaverse and Cryptocurrency”, Turkish President Orders

The report from Daily Sabah detailed the discussions of the meeting held yesterday where the president and the ruling party created plans on how to move forward with the crypto-verse after their controversial decision last year.

Turkey in the Metaverse

President Recep Tayyip Erdoğan laid out instructions for his fellow members of the Justice and Development Party (AK Party) to conduct work on all and any new developments pertaining to “Metaverse, Cryptocurrencies, and Social Media.”

In accordance with the same the party was ordered to organize a forum that would focus considerably on details regarding the workings of the Metaverse, and how cryptocurrencies are being used on social media to make purchases.

The Metaverse has grown significantly in the country with many investors buying lands and plots in the virtual world. Last year in the most expensive sale, a plot in the Decentraland was sold for a record $2.4 million.

The sale of such lands has caused Erdoğan to dive into the functioning of the Metaverse as according to him the sale of real estate, land, and assets including heritage properties could become a problem for the country especially if the purchases are made by foreigners.

Members of the AK Party seemed to be in agreement with President Erdoğan as just a week ago the party had conducted the very first meeting in Metaverse.

Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR

— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022

Turkey’s Ban of Cryptocurrency

Just 9 months ago, the booming industry of cryptocurrency was shut down in the country after Turkey’s Central Bank banned the use of cryptocurrencies and digital assets for any kind of transaction. The ban was placed citing “Irreparable” damage and transaction risks. 

As per one Kebab chef Kabir Oner, cryptocurrencies were so buoyant that 5 to 10% of the bills were settled using digital assets.

Now, whether the recent announcement will convince the Bank to uplift the ban is yet to be seen.