Turkey is preparing to introduce new taxes, including a 0.03% transaction tax on cryptocurrency transactions, according to Odaily Planet Daily. 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 reform proposed by the Turkish government is expected to generate 226 billion liras ($7 billion), equivalent to about 0.7% of the country's GDP. The Ministry of Finance, led by Mehmet Simsek, has drafted the legislation, which will be submitted to parliament for discussion at the end of June. The reform will be Turkey's largest tax reform in nearly two decades.