As blockchain adoption continues to rise, there is an amazing crypto atmosphere in Turkey. The locals not only embrace the virtual currency but are appreciating the many use cases the new digital asset has ushered in. The wild adoption of the currency in the country is because there no regulations governing crypto and digital tokens in place.
Additionally there is a team working behind the scenes to classify the current digital assets in the country. Led by the Turkish Central Bank, a team has been tasked with coming up with a framework to regulate the market. However, before the framework is established, cryptocurrency goers are having a field day in the Turkish digital money market.
Is Turkey the Future Crypto Haven?
With the wide spread Bitcoin and altcoin adoptions among the Turks heading north, authorities are working on an oversight mechanism with regulators set to increase supervision on the decentralized asset class. On top of being perceived as the future crypto haven, more than 20% of Turks already hold bitcoin or altcoins.
In a recent report published by a leading local daily Hürriyet, all indications show that crypto ownership in Turkey is among the highest globally. With a population of 82 million Turks embracing crypto has been on the rise since the market boom of 2017.
Awesome Crypto Use and Awareness in Istanbul
A brief check in the Turkish capital, Istanbul s show that shops buying and selling crypto can be found all over the city. There are no dull moments for crypto holders and the digital money economy thrives unabated. The awesome crypto awareness and usage has prompted the authorities to strategize on regulating the market.
Despite the manipulative nature of cryptocurrency trading, the Turkish government is yet to come up with a regulatory framework to streamline the industry. The current efforts by the authorities seem to create more awareness leading to increased holding of Bitcoin and other altcoins.
Discrete and Subtle Crypto Transactions
Buying and selling crypto is highly discreet and subtle and Turkish traders, especially the online goers prefer crypto to the local fiat currency. Crypto comes with additional privacy and security and transactions are online which excites the Turkish population.
With a vibrant crypto user base, Turkey is becoming the hotspot for crypto. Blockchain investors are setting their eyes on setting up base in the country given the crypto friendly atmosphere being enjoyed at the moment.
Future Crypto Outlook in Turkey
With an amazing crypto atmosphere in Turkey, issuing a native digital currency could be the future of the economy. The user network is highly developed and a digital fiat could tap into the Turkish potential in the future. Coupled with deteriorating Western allies relations, developing a blockchain backed currency could be the future of the local economy.
However, the future of Bitcoin and altcoins in Turkey will depend on the outcome from the working group that is tasked with coming up with a regulation framework. This will tap into the already existing and amazing crypto community.
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When opening account with Globiance with only one KYC process we will provide a crypto exchange and full EU IBAN account for every client from Europe, Asia, Africa, Middle East and South America.
Visit us at our booth P1, Hilton Hotel St Julians May 23 & 24, Malta Blockchain Summit