Mon, June 05, 2023

Turkey’s Crypto Market is Booming

Crypto market in Turkey

Turkey’s Crypto Market is Booming

The crypto market is developing in the Republic of Turkey. According to Statistica’s Global Consumer Survey, 20% of Turkish citizens have at least some knowledge about the cryptocurrencies. It means that in terms of awareness, Turkey is one of the leaders in the world.

It is worth mentioning that Turkey’s President Recep Tayyip Erdogan made an announcement regarding the digital currencies. He stated that testing of the digital lira would be over in 2020. Erdogan’s comment shows that the Turkish government changed its position regarding cryptocurrencies.

Initially, the government was reluctant to support the crypto market. However, the population realized the importance of this emerging technology and embraced various digital currencies. Another important information is that in 2015, ING conducted a survey, and based on the results we can say Turkish citizens were fond of Bitcoin. According to this survey, 45% of Turkish people thought that Bitcoin was the future of online spending.

For example, at that time, only 28% of Europeans agreed with this opinion.

One of the factors which contributed to the rise of the crypto market in Turkey is gaming, more precisely the number of gamers. Baris Ozistek is the chairman of venture capital fund Bogazici Ventures, as well as the game’s publication company Netmarble EMEA. He stated that crypto adoption is increasing thanks to gamers. There are more than 30 million gamers in Turkey according to Ozistek.

Russia’s Federal Security Service and Crypto Market

Cryptocurrencies and disappearance of $450 million

Another news connected to the crypto market is the story from Russia. more precisely with Russia’s Federal Security Service (FSB). According to the information, FSB forced the co-founder crypto exchange WEX/BTC Alexey Bilyuchenko to hand over information regarding the customer’s digital wallets.

As a result, FSB gained access to more than $450 million which belonged to its users.

In late 2018, WEX ceased to exist amidst the allegations of money laundering. Bilyuchenko claims that FSB officials forced him to provide information about the clients. At the office of FSB, he handed over flash drives, which contained details.

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