Turkey Proposes New Crypto Tax Amid Ongoing Lira Struggles

Turkey Proposes New Crypto Tax Amid Ongoing Lira Struggles

Published Friday 14th June 2024

Turkey is currently facing economic challenges, with the Turkish lira struggling amidst ongoing financial difficulties. In response to these issues, Turkish lawmakers have proposed a new tax on cryptocurrency transactions. The proposed tax aims to generate revenue to address the budget deficit that emerged as a result of the earthquakes that hit the country last year. This move is part of the government's efforts to strengthen the economy and stabilize the national currency.

The proposed tax on crypto transactions in Turkey would amount to 0.03% of the total transaction value. This tax is intended to be a means of increasing government revenue without burdening the general population. By targeting cryptocurrency transactions, lawmakers are looking to tap into a growing market that has largely remained untaxed. The implementation of this tax could potentially help Turkey recover from the financial setbacks caused by the earthquakes and contribute to the country's overall economic recovery.

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