Turkey'southward President Recep Tayyip Erdoğan has reportedly confirmed the completion of a crypto police force draft that will soon be shared with the Parliament for mainstream implementation in the country.

In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. Every bit reported by local media NTV, Erdoğan said that the cryptocurrency bill is ready, calculation:

"We will accept steps on this consequence by sending it to Parliament without delay."

Acknowledging the land's recent inflationary episode, Erdoğan said that the currency event is non related to mathematics but a matter of process — implying a possibility and potential of lira'south value growth:

"With this understanding, we intend to channel it to a dry spot. But the exchange rate volition find its own price on the marketplace."

With the introduction of the new crypto law, the president envisions Turkey condign ane of the 10 largest economies in the globe. Speaking about the rising prices in the region, he shared plans to follow the people who alter the labels of the price listing organizers several times a 24-hour interval. "We want them to lower the dollar'south increases now," he concluded.

Related: Bitcoin hits new all-time high in Turkey as fiat currency lira goes into freefall

On Nov. 23, Bitcoin holders in Turkey avoided an accelerating currency plummet as the lira lost 15% against the U.S. dollar in a single day.

BTC/TRY i-day candle chart (Binance). Source: TradingView

As Cointelegraph reported, the fiat currency'south autumn resulted in Bitcoin (BTC) reaching a new all-fourth dimension loftier confronting the Turkish lira. The BTC/TRY trading pair reached 723,329 Turkish lira on Binance.