On June 14, it was reported that Turkey is preparing to introduce new taxes, including a 0.03% transaction tax on cryptocurrency transactions. The move is aimed at addressing the national budget deficit caused by last year's earthquake and proposes changes to the way financial transactions are regulated. The tax reforms proposed by the Turkish government are expected to generate 226 billion lira (7 billion dollars), equivalent to about 0.7% of the country's GDP. The Finance Ministry, led by Mehmet Simsek, has drafted legislation that will be submitted to parliament for discussion at the end of June. The reform will be the largest tax reform in Turkey in nearly two decades.