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According to Orhan Yavuz Mavioğlu , managing partner of Mavioglu & Alkan Law Office , crypto currency currently has no role in investment immigration in Turkey and one can ’ t use it for golden visas in Turkey .
“ However , cryptocurrency is not banned or regulated for the moment . There is no official ban . There are some press releases by Banking Regulation and Supervision Agency noting that these are speculative and risky investments ,” Mavioğlu said .
“ Crypto currencies require regulatory framework ( worldwide ) and some level of dependability and price stability before they can actually be used for fund allocations .”
CRYPTO CHECKS FOR THE SAKE OF GLOBAL RCBI INDUSTRY
CBI agent Richard Hallam from Grenada , which is yet to embrace crypto in the CBI program , said while he personally believed that crypto would become a mainstream currency but was concerned “ that because there can be no thorough source of funds it will open up opportunities for people to fund CBI applications through gains from illegal activities unless the necessary balance and checks are in place .”
Daniel Altneu , Managing Associate at Bedell Cristin Cayman Partnership , said he sees the possibility of cryptocurrencies being beneficial to the industry , provided there were “ rigid and industry standard source of funds protocols ” in place .
Should the global investment immigration community embrace the crypto currency trend ?
“ Until now , their use has been stigmatized and has raised concerns amongst governments and regulatory authorities because transactions are immune to monitoring and , therefore , vulnerable to illegal activities and volatile trading prices ,” Mazzeschi said .
“ But there are technological features that , if added , can overcome these issues and make its legitimization possible in the RCBI market , which can be subject to money laundering activities .”
He gave the example of China , which is already experimenting with its sovereign digital currency , the so-called Digital Currency Electronic Payment . He also mentioned that the U . S . Department of the Treasury had announced a proposed regulation that would require money service businesses , which includes , for example , cryptocurrency exchanges , to collect identity data about people who carry out transactions with their customers using self-hosted cryptocurrency wallets or foreign exchanges .
“ These developments should overcome the authorities ’ concerns , should assure the traceability of all transactions and allow an increase in the use of cryptocurrencies ,” Mazzeschi said .