*Turkish President Recep Tayyip Erdo臒an restates his administration鈥檚 stance on cryptocurrencies, that it is not their intention to open up to crypto in the country

*South Korean province seizes cryptocurrencies worth over $5million from 1,661 investors over tax evasion

Isola Moses | 绿帽献妻

Stressing the pride of the country鈥檚 national currency, Turkish President Recep Tayyip Erdo臒an has restated his administration鈥檚 stance on cryptocurrencies, saying, that the country is at war with crypto.

绿帽献妻 gathered President Erdo臒an noted that Turkey will continue with its own currency.

He disclosed this development when answering some questions from young people in the 鈥淢eeting with Youth鈥� programme held with University students from 81 provinces in the country.

The event took place in Mersin, a port city in southern Turkey, and important hub of the country鈥檚 economy, Bitcoin.Com report stated.

Cryptocurrencies in Korea聽 聽Photo: Bitcoin.Com

It was learnt a young man in the audience asked Erdo臒an this question: 鈥淢y question is about cryptocurrency.

Recently, the central bank established a digital Turkish lira platform. With this decision, is Turkey planning to open up to cryptocurrencies? 鈥� We are curious about your ideas on this matter.鈥�

The President while clarifying that it is not their intention to open up to cryptocurrencies in the country, said on the contrary, 鈥渨e have a separate war, a separate struggle against them.鈥�

He stated that cryptocurrency will not receive 鈥減remium鈥� treatment since right now Turkey 鈥渨ill continue with our own currency.鈥�

President Erdo臒an, in tuen, asked Binali Y谋ld谋r谋m, Deputy Chairman of the Justice and Development Party (AK Party) and former Prime Minister, who also participated in the youth programme, about his opinion on cryptocurrency.

He asked: 鈥淲hat do you say, Mr. Binali?鈥�

Y谋ld谋r谋m also opined: 鈥淯nfortunately, cryptocurrency also opens the door to grievances. So, it鈥檚 something that needs serious control.

According to the Deputy Chairman of the Justice and Development Party, there are 鈥渂ad examples鈥� involving cryptocurrencies.

For example, in August, Turkish Police launched an investigation into a dogecoin investment scam that stole from 1,500 investors, and earlier this year, two Turkish crypto exchanges were investigated for fraud.

鈥淚n the future, at your discretion,鈥� Y谋ld谋r谋m said to Erdo臒an. 鈥淚t may be necessary to make some arrangements as a state, as a government, in order to prevent these abuses and mistakes. Studies on it have already started.鈥�

绿帽献妻 had reported the Turkish Central Bank, April 2021, issued a notice prohibiting the use of cryptocurrencies for payments of goods and services.

Likewise, in July, the Turkish Government said it was preparing a bill to regulate cryptocurrencies.

Korean Province seizes Cryptocurrencies from 1,661 investors

In a related development, a South Korean province has confiscated cryptocurrencies worth over $5million from 1,661 investors who were more than $12 million in arrears on their fines in total, agency report stated.

The seizure was said to have followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges.

Recently, the South Korean province of Gyeonggi, the most populous province in the country, announced last week that it had seized 6.1 billion won ($5.14 million) in cryptocurrencies from 1,661 people who were 14.4 billion won in arrears on their fines in total.

The authorities explained that from May to August 2020, they conducted an investigation of 29,656 companies and individuals who were delinquent on their payments of 1 million won or more under the category of 鈥渘ontaxable income.鈥�

This includes examining their cryptocurrency holdings at four exchanges.

It was learnt nontaxable income in South Korea refers to income imposed and collected in accordance with the Administrative Procedures Act, such as government fees and administrative fines.

Kim Min-kyung, Head of Gyeonggi鈥檚 Taxation Department, quoted by local media, said: 鈥淚t is the largest amount of cryptocurrency seizure in the country for nontaxable income delinquents.

As this seizure may be the largest under the nontaxable income category, the province has seized more cryptocurrencies before, report said.

In June, the government of Gyeonggi Province reportedly seized cryptocurrencies worth more than 53 billion won from about 12,000 people who were delinquent on their tax payments.

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