Turkey’s President directs the ruling party to conduct research on cryptocurrencies and the metaverse

<p>Turkish President Recep Tayyip Erdoan has directed the ruling party to investigate new technologies such as cryptocurrencies and the metaverse. The current directive follows a previous meeting between the Turkish President and the President of El Salvador.</p> <p>The new directive was discussed at a board meeting of the AK Party presided over by the President. The Justice and Development Party (AK Party), which currently governs Turkey, is the country's dominant political force.</p> <p>Turkey's AK Party enters the metaverse</p> <p>The Turkish government is not the only one contemplating the complexities, risks, and benefits of virtual assets and crypto coins. Earlier this week, the Biden administration followed suit. Furthermore, several countries are considering the creation of central bank digital currencies (CBDCs).</p> <p>The President suggested covering the specifics of the metaverse and crypto. Aside from conducting independent research on the subject, the President wants AK party members to convene a panel discussion. In addition, the metaverse has grown significantly in Turkey.</p> <p>Members of the AK Party appeared to be on board with the President. The party held its first meeting in the metaverse last week to discuss cryptocurrency regulation.</p> <p>Turkey's position on cryptocurrency</p> <p>Turkey's crypto adoption journey has not been easy. Despite years of government warnings about the sector's notorious volatility, crypto has exploded in popularity. Because of Turkey's economic crisis, millions of interested investors have poured money into Bitcoin, Ethereum, and other alternative cryptocurrencies.</p> <p>Previously, Turkey had a generally negative attitude towards cryptocurrencies. In April 2021, the country imposed a blanket ban on all virtual currency transactions. The Turkish government cited security concerns as the reason for the ban. Furthermore, President Erdogan declared war on Bitcoin before Congress went into recess.</p> <p>The Turkish Lira has lost more than half its value