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The co-founder of Stablecoin biLira predicts new blockchain regulations

June 15, 2020

BiLira co-founder (TRYB), the first stable coin associated with the Turkish lira, predicts that Turkey will announce a new legal framework for blockchain “within the next year”.

In an interview with Cointelegraph, Vidal Arditi, Director of Operations and co-founder of BiLira, predicts that the updated device “will protect the average price and investors and will not hamper the growth of the sector”..

Arditi also highlighted that The Turkish government has invested heavily in the future of the country’s blockchainsand claimed that the Turkish leaders “strongly supported blockchain associations, blockchain student clubs, blockchain accelerators, and the like”, adding:

“I am sure that we will see many more projects in the crypto space in Turkey in a year, and we will see how the government will react.”

Turkey at the turning point in DLT technology

The co-founder of Stablecoin biLira predicts new blockchain regulationsThe co-founder of Stablecoin biLira predicts new blockchain regulations

Arditi described Turkey as a “turning point” in blockchain technologyThis indicates that the central bank “has publicly stated that it wants to have a cryptocurrency or currency based on distributed ledger technology for performing security transactions.”

The BiLira operations manager explained this Stablecoin is openly supported by key government agencies in Turkey. He said: “We have had close talks with the central bank [y] the banking regulation department. “

He added:

“Both the central bank and the banking regulation and supervision agency welcomed us and told us they wanted to help us succeed and were here to help.”

Despite the government’s revealing stance on blockchain technology and stablecoins Arditi reported on some issues where local lawyers with experience in Distributed General Ledger Technologies (DLT) were asked for assistance.

“The technology Blockchain and cryptocurrencies are a relatively young ecosystem and require many knowledge aggregates Turkey, like some, has it, and it is really missing on some points, “he said.

BiLira is growing rapidly

Since its launch last year BiLira has grown to more than 1,500 users and contributed USD 14 million in Turkish Lira (TRY)..

In the past few months The cryptocurrency trading platform BTSE has released a spot listing from TRYB in exchange for Tether (USDT).It offers ordinary Turks a direct route to access the USD amid the country’s worsening currency crisis.

In early May, the Turkish lira fell to an all-time low The country’s banking regulators imposed restrictions on foreign trade denominated in TRY to reduce speculation and short sales in exchange for the currency.

BiLira is broadcast on AVA

On June 8th BiLira announced that broadcasting on AVA will begin as soon as the project has completed its next launch on the main network.In addition to the further issue of TRYB as an ERC-20 token on Ethereum (ETH).

Arditi explained that His team started building at AVA a few months ago to “avoid many of the problems we see at Ethereum.” right now, especially when it comes to purpose and scalability. “

Arditi added that BiLira plans to continue introducing new cryptocurrency ecosystemsand explained:

“We hope to expand our presence and network, depending on the types of blockchain and networks that will emerge in the coming months and years.”