Turkey’s President Recep Tayyip Erdoğan has reportedly shared his confirmation regarding the finalization of a crypto legislation, which will be shared with the Parliament for nationwide implementation soon.

Specifically, as included in the efforts to fight against the dropping value of the Turkish lira, President Erdoğan reportedly disclosed details of plans related to the implementation of a new economic model, during his speech at a press conference in Istanbul.

“We will take steps on this issue by sending it to Parliament without delay.” Erdoğan reportedly shared the ready status of the cryptocurrency bill. 

Taking into account the recent inflationary episode of the nation, Erdoğan reportedly claimed that the currency event shares no association with mathematics but a matter of process – implying a possibility of a developing potential of the lira’s value.

“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”

With the roll-out of the new crypto regulation, the president envisions Turkey to secure its spot in the list of 10 biggest economies throughout the globe. 

Regarding the inclining prices in the region, he reportedly revealed plans to follow the individuals who change the labels of the price list organizers numerous times on a daily basis. 

“We want them to lower the dollar’s increases now,” he concluded.

On Nov. 23, Bitcoin holders in Turkey reportedly managed to steer clear from an accelerating currency collapse as the lira lost 15% against the U.S. dollar in a single day.

The fiat currency’s drop consequently led to Bitcoin (BTC) achieving a new all-time high against the Turkish lira. The BTC/TRY trading pair reached 723,329 Turkish lira on Binance.