Is Bitcoin electronic money within the scope of Law No. 6493?
Bitcoin, known as a virtual currency that is not issued by any official or private institution and whose value is not guaranteed, is not considered electronic money under the Law given its current structure and operation; for this reason, its oversight and supervision within the framework of the Law is not considered possible.
Why is it not considered electronic money?
The basic condition for electronic money is that there is an issuer and that this issuer assumes a redemption obligation in return. Bitcoin has no central issuer and no redemption commitment.
This assessment does not mean that crypto assets are completely unregulated. Separate rules have been introduced in Türkiye for crypto asset service providers, and the competent authorities apply a separate framework. The situation at the time this post was published may differ from today's legislation.
For the current situation in the crypto field, official announcements in the capital markets and payment systems areas should be followed.
