Fun

Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits

News Feed - 2022-01-02 07:01:35

Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits


The Central Bank of the Republic of Turkey recently revealed it made the decision to provide incentives to gold deposit and participation fund holders that request to convert these into lira time deposits, a statement from the central bank has said. Incentives Intended to Boost Financial Stability


The Central Bank of the Republic of Turkey (CBRT) has announced the launch of an incentive scheme that encourages Turkish residents to convert their gold deposits and participation funds into lira time deposit accounts.


In a brief statement released in late December 2021, the central bank explained that this incentive scheme is intended “to support financial stability.” As has been widely reported, Turkey is in the midst of a deep economic crisis that has led to the sharp depreciation of the lira and the rising of prices.


In turn, this combination of a falling currency and a rising rate of inflation has seen more Turkish residents seek sanctuary in alternative stores of value like gold and digital currencies. As recently reported by Bitcoin.com News, the number of daily cryptocurrency trades in that country recently went past the one million mark. This milestone suggests that more Turkish residents are choosing to protect their savings with alternatives such as bitcoin and gold. Conversion to Lira Time Deposits


Therefore, as part of the Turkish government’s latest attempt to halt the lira’s decline, the central bank explained in the statement that “deposit and participation fund holders” choosing to convert their funds into lira will get incentives.


“The Central Bank of the Republic of Turkey has decided to provide [an] incentive to deposit and participation fund holders in the event that their gold deposits and participation funds are converted into Turkish lira time deposit accounts at the account holder’s request,” read a statement released by the central bank on December 29.


The statement however does not share the details of how the CBRT is planning to reward residents that agree to have their gold or participation funds converted. Tags in this story alternative store of value, Central Bank of the Republic of Turkey, Cryptocurrency, financial stability, Gold Deposits, lira depreciation, Turkey inflation, Turkish Lira


What are your thoughts about this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Turkish Lira Slump Contributes to Rise in Turkey"s Daily Crypto Trades to Over One Million ECONOMICS | Dec 22, 2021 Global Markets, Bitcoin Defy Expectations After Fed"s Hawkish Taper Plan Announcement ECONOMICS | Dec 16, 2021


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleA Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response Next articleEminem Purchases Bored Ape Yacht Club #9055 for $452K, Shady’s Portfolio Holds 166 NFTs Show comments More Popular NewsIn Case You Missed ItTokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion


According to data recorded on December 28, there’s approximately 434,265.43 bitcoin-pegged or wrapped bitcoin tokens worth more than $21.3 billion across several blockchains. Ten different bitcoin-pegged projects exist today and the project Wrapped Bitcoin dominates 59.66% of all the tokenized ... read more.Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide Charles Hoskinson Discusses Cardano’s 2022 Plans, Founder Says Project ‘Needs Institutions to Have Stake in the Success of ADA’ Colombian Real Estate Platform Allows Users to Acquire Property With Bitcoin

News Feed

Bitcoin Dominance Slides Below 40% for First Time in 6 Months
Bitcoin Dominance Slides Below 40% for First Time in 6 Months During the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are w
Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft’s Oil Extraction
Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft’s Oil Extraction Russian crypto mining operator Bitriver will use electricity generated from associated gas provided by
Ethereum Price Headed For Crash To $2,000 With Current Price Action
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
How High Can Bitcoin Go In 2025? Legendary Trader Reveals
Este artículo también está disponible en español. Legendary trader Peter Brandt, with nearly five decades of experience in trading since 1975, has shared a bullish foreca
The XSwap Treasure Token Aims to Impress by Providing Many Useful Functionalities
The XSwap Treasure Token Aims to Impress by Providing Many Useful Functionalities press release PRESS RELEASE.XSwap is a name that has been gaining considerable attention lately for
Derek Andersen13 hours agoUK crypto businesses to comply with FATF Travel Rule beginning in SeptemberThe U.K. passed legislation in 2022 to make it one of the few countries in compliance with the extension of the Travel
HOGE Announces Collaboration With the DeFi Angels
HOGE Announces Collaboration With the DeFi Angels sponsored The Original DeFi Meme Token – HOGEhas joined forces with the DeFi Angelsto give their project a voice on Capitol
Bitcoin price drops below $59K as institutions stop buying stablecoins
Zoltan Vardai6 minutes agoBitcoin price drops below $59K as institutions stop buying stablecoinsBitcoin price saw its local bottom last time Tether minted $1.3 billion worth of stablecoins, which helped BTC recover over
US Prosecutors Charge Founder of ‘IGOBIT’ Token With Fraud
U.S. prosecutors charged Asa Saint Clair, the president of a nonexistent United Nations affiliate, with fraud Wednesday, alleging he defrauded investors using the IGOBIT digital token.
Mt. Gox creditors opt to hodl Bitcoin payouts — Reddit poll
Helen Partz10 hours agoMt. Gox creditors opt to hodl Bitcoin payouts — Reddit pollAs the Mt. Gox trustee has yet to distribute 64% of the Bitcoin owed to creditors, the Reddit Mt. Gox community is pushing the hodl agen
Brayden Lindrea8 hours agoMicroStrategy’s Bitcoin bag is up $900M amid BTC price surgeMichael Saylor’s MicroStrategy has bought 6,067 BTC since the start of the third quarter.7686 Total views24 Total sharesListen to
Russia Fails to Act on Request to Help Freeze Millions in Crypto Withdrawn From Wex Wallet
Russia Fails to Act on Request to Help Freeze Millions in Crypto Withdrawn From Wex Wallet The Russian Ministry of Interior has rejected a request filed by clients of Wex to do its