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Thursday

13 May 2021

Turkish Central Bank Considers Becoming Bitcoin Custodian

Turkish Central Bank Considers Becoming Bitcoin Custodian


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Specifically, the CBRT would reportedly create a new custodial bank, intended to hold the crypto funds of local crypto exchanges and possibly other crypto companies taking user deposits.

This plan would prevent any re-occurrence of the Thodex exit scam incident, in which the company’s founder fled the country with $2 billion in user deposits… Unless a bad actor at the custodial bank enacts a similar crime.

In effect, this custodial bank would take unto itself the responsibility of managing all crypto exchange deposits within the country.

If realized, this plan would represent the first time that a national central bank directly controls the crypto funds of its local industry.

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