Can Turkey Become the Next Hub for Cryptocurrency?

Can Turkey Become the Next Hub for Cryptocurrency?
  • The Turkish Finance Minister discussed with CZ, about blockchain and cryptocurrency
  • Last year, Turkish authorities fined Binance with 750,000 dollars.

On Wednesday, the Turkish Finance Minister Nureddin Nebati, virtually connected with Changpeng Zhao, the CEO of the Binance exchange platform. As per the tweet from Nebati, the recent discussion with CZ was about the cryptocurrency and blockchain ecosystem.

At the same time, the meeting was held in the middle of reports that Turkey’s cryptocurrency market may soon be regulated. 

Turkey’s Perception about Crypto 

According to reports, Binance has a lot of users in Turkey and the country is Binance’s most important traffic source. Recently, the exchange platform launched its first customer service center with 24/7 support in Turkey. 

Binance is aiming to prevent fraud cases from even starting in the first place. In the previous year, Binance was punished with a maximum $750,000 fine by Turkey’s Financial Crimes Investigation Board (MASAK) for breaking the nation’s new regulatory rules. 

Turkey has a great number of cryptocurrency users. To avoid inflation, the current generation is using digital assets instead of fiat currencies. According to Turkish financial consultant, Vedat Guven, there are over 5 to 6 million Turkish people with cryptocurrency accounts. In the wake of, ‘let’s-get-rich-fast’ mentality is also creating the rise of cryptocurrencies in the nation, as per Guven.

He stated:

The trading volume in the cryptocurrency market is high in Turkey, the demand is high. because we are looking to protect our money from high inflation and high-interest rates.

Local cryptocurrency exchanges are also tremendously growing in Turkey. BtcTurk, the first and largest crypto exchange in Turkey, has introduced Bitcoin to the nation. Currently, the trading platform has nearly 5 million users. Additionally, another local Turkish exchange platform named, Paribu, had a trading volume of $203.5 million. In addition to BtcTurk and Paribu, 40 more local cryptocurrency exchanges are functioning in Turkey. 

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