Turkey to become an epicenter of the crypto world


Since the crypto boom of 2017, the places we used to define as global hubs of the crypto world remained relatively static.
Switzerland, Malta and Gibraltar have acquired a reputation for being the friendliest countries in terms of crypto regulation. The United Kingdom and various regions of the United States are now recognized for providing reliable institutional infrastructures and facilities for blockchain projects. Further on, the APAC region has been widely identified as one of the main capitals of crypto innovation.
Now, it seems that a new global center of the crypto industry is emerging at the outskirts of the European space, that is the turbulent Turkey – a country located between Greece, Syria and Iraq with about 90 million inhabitants – that is now becoming the new hot spot of the crypto space.
In a recent interview, Binance CEO told the media that Turkish authorities are playing for the country to take a leading role in the region by delivering the best infrastructure for the development of financial technology.
Binance recently launched a fiat-to-crypto onramp for the Turkish currency in what seems to be a clear effort to better reach the Turkish market. The company said in a blog article that the partnership with Turkey-based Papara would soon allow Turkish citizens purchase Bitcoin, BNB, Ethereum and XRP with the local currency.
But not only Binance started considering Turkey as one of the most promising spaces for crypto growth. Singapore-based crypto exchange Huobi displayed an equally large interest for Turkey and they are now considering opening a fiat to crypto platform in the country. Huobi announced they would develop a number of crypto-related products and services on the Turkish market from 2020.
Turkey has become an interesting place for private companies and one of the fastest growing crypto markets in the world with both the local users and the government displaying an equal level of interest for blockchain technology.
Turkey is holding one of the most crypto-friendly populations in the world and the Turkish government started to look at blockchain technology more often lately envisioning a digital Turkish lira that would protect the country’s financial system from any possible US sanctions.

Leave a Reply

Your email address will not be published. Required fields are marked *