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Turkey Flocks to Bitcoin Amid Weakening Lira

Turkey Flocks to Bitcoin Amid Weakening Lira

According to a report, Turkey is topping Bitcoin trading in the Middle East. The citizens’ adoption of Bitcoin is caused by volatility and high inflation of the Turkish lira, the country’s native fiat currency.

As a matter of fact, Turkey is ranked 29th in terms of crypto adoption —  it is said to be having a mountain of transaction volume. Meanwhile, Iran and Egypt follow with 52 and 64 ranks, respectively.

Alongside the lira’s insolvency, BtcTurk, the country’s largest crypto exchange was seen to be trading the Turkish lira for Bitcoin in pairs with a bag of several cryptocurrencies.

Paxful CEO Ray Youssef said,

The rising inflation of the Turkish lira has been a major financial burden for Turkish citizens. Bitcoin can be used to preserve wealth against instability surrounding the Turkish lira.

Specifically, lira’s volatility and its poor performance made it drop to about 7.66 per dollar — an all-time low. As the lira fell heavily in price, the Turkish central bank tried to mitigate the crisis. It spent billions of dollars on its foreign exchange reserves.

For this, the country’s capital regulators intend to craft a set of principles to govern the use of digital currencies. At the time of writing, there are still no crypto rules to apply here.

Moreover, Turkey has many mobile fintech and digital payment platforms across the Middle East. According to Dutch bank ING, about 56 percent of its citizens utilize fintech services. 33 percent of this comprises European natives, making Turkey crypto-friendly.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.