Stablecoin BiLira co-founder predicts new blockchain regulations

The co-founder of BiLira (TRYB), the first stablecoin linked to the Turkish lira, predicts that Turkey will announce a new regulatory framework for blockchain „within the next year“.

In an interview with Cointelegraph, Vidal Arditi, director of operations and co-founder of BiLira, predicted that the updated device will be designed „to protect the average guy and investors and not inhibit the growth of the sector.

Arditi also noted that the Turkish government has been investing heavily in the future of the country’s blockchains, saying that Turkish leaders have been „strongly supporting blockchain associations, blockchain student clubs, blockchain accelerators and the like,“ he added:

„I’m sure we’ll see many more projects in the space of crypto-money within a year in Turkey, and we’ll see how the government will respond.“

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Turkey at the turning point for DLT technology
Arditi described Turkey as „a turning point“ in terms of blockchain technology, noting that the central bank „publicly stated that they would like to have a crypto-currency or a currency based on distributed registration technology for conducting securities transactions.

BiLira’s director of operations stated that stablecoin is openly supported by Turkey’s major government agencies. He stated: „We have been in close talks with the central bank [and] the banking regulation department.“

He added:

„Both the Central Bank and the Banking Regulation and Supervision Agency have greeted us and said they want to see us succeed and are here to help.“

Despite the government’s permissive stance on blockchain technology and stablecoins, Arditi indicated some problems in seeking assistance from local legal professionals with expertise in distributed registration technologies, or DLT.

„Blockchain technology and crypto-currencies are a relatively nascent ecosystem and require many knowledge aggregates that, like some, Turkey has, and in some places actually lacks,“ he said.

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BiLira is growing rapidly
Since its launch last year, BiLira has grown to serve more than 1,500 users and has contributed $14 million in Turkish liras (TRY).

In recent months, the BTSE crypto currency trading platform launched a spot listing of TRYB in exchange for Tether (USDT), offering a direct route for ordinary Turks to access the USD amid the country’s exacerbated currency crisis.

In early May, the Turkish lira fell to record lows as the country’s banking regulators imposed restrictions on foreign transactions denominated in TRY in an attempt to reduce speculation and short selling in exchange for the currency.