Turkey has become a major player in cryptocurrency adoption and incorporation of blockchain into its systems.
Decrypt reported that Turkey became the largest user of cryptocurrency in the Middle East region, according to Chainalysis. Amongst the reasons for this has been the fact of Turkey’s very weak and fluctuating fiat currency, the Lira. People have thus been driven towards digital assets in efforts to protect their capital from the unstable national currency.
Argentina, with its fledgling economy, has seen similar trends with people turning to cryptocurrency due to its unstable fiat currency.
However, Turkey has no regulations regarding digital assets. Turkish authorities are currently in the process of developing a regulatory framework of cryptocurrency, as its popularity and usage surge.
BTC Manager reports that the most popular form of cryptocurrency trade in the country is between the Lira and Bitcoin. BTCTurk is the country’s most popular cryptocurrency exchange and is responsible for the trade in most digital currencies in the country. It was reportedly the fourth most popular cryptocurrency exchange in the whole world. Reportedly, a 2015 survey observed that around 45% of the Turkish population believes in the growth of digital assets and views it as the future of finance in the country.
The economic recession brought on by the global Covid-19 pandemic will no doubt further popularise the use of cryptocurrency in Turkey.