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Expert comment: Is there collateral in the cryptocurrency account?

Turkey is among the countries investing in cryptocurrencies. It is emerging as an investment area of ​​great interest, especially for young investors.

In addition to foreign crypto exchanges, investors also trade on local crypto exchanges. Cryptocurrencies have attracted the attention of investors in Turkey cryptocurrency collateral was heard posted. Lawyer Bilal Coban made statements on the subject.

” CREDIT IS BOUGHT IN THE COUNTRY AS A CRYPTO MONEY ”

Assessing the value of cryptocurrencies, Lawyer Bilal Choban said, “This is a new situation. Occurred in the Istanbul Executive Offices. This is what is important here; Does the borrower have money in cryptocurrency exchange or not? It is important to determine this.

According to the General Executive Law, this can be found in Turkish cryptocurrency exchanges. However, there is no regulation on the assignment of money in foreign cryptocurrency exchanges. There is no international cooperation in this regard. Therefore, does any borrower have money in foreign crypto exchanges abroad or not? It is very difficult to detect in today’s conditions.

Crypto in foreign exchange exchange in Turkey; Does the borrower have an investment here? It is possible to find out here. At the request of the lender or the attorney of the Executive Office, a letter is sent to the local cryptocurrency exchanges in accordance with Article 89 of the Law on Enforcement and Bankruptcy.

According to this article, local crypto exchanges provide an answer in this regard; The answer seems to be present or not. Hajj is applied in the amount of the debtor’s debt. Not all of the borrower’s cryptocurrencies are taken. For example; If you owe 100 thousand pounds, collateral is applied for this amount. The remaining amount is inviolable. ”

” The procedure of action is applied in accordance with the general provisions ”

Explaining how the seizure period will be applied in case of increase or increase of cryptocurrency, Lawyer Choban said, “For example; the borrower has money in the bank. This can be either a TL deposit account or a foreign currency deposit account. When a foreclosure notice is sent to the bank where the debtor’s account is located, the bank reviews the foreign deposit account and a collateral equivalent to the foreign deposit account is applied there.

The time to do on crypto coins is the same. Upon receipt of the pledge notice, a sequestration transaction in TL must be applied against the cryptocurrency in question. The closing process is applied in accordance with the general provisions. This is an evolving area and states do not yet have regulations. Mostly not mentioned. In this regard, there will be a legal system and legislative development. ”

ARCHIVE: WHAT IS CRYPTO MONEY?

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