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Turkey is known to have the world’s 11th largest nominal GDP, and the country is counted in the world’s newly industrialized countries. Turkey is known for its quick adaption to new technologies.
Over 65% of internet users in Turkey have access to mobile banking and payment methods.
As of writing this article, the latest “Development Plan of Turkey“, introduced new strategies for the Turkish financial markets. The focus is on making Istanbul an attractive commercial hub for businesses.
The blockchain strategies were also briefed in the plan.
The strategy revolved around the following points:
- Implementation of digital central bank money based on the blockchain.
- Clearing legal issues related to physical infrastructure, transportation, and customs.
- Improvement in the technical infrastructure so the market could benefit easily from new developments related to blockchain, cloud computing, and artificial intelligence.
Overall, the goal is to establish a favorable environment for cryptocurrencies and blockchain technology. The regulations of digital assets are one of the main issues and authorities are working on fixing that as soon as possible.
Why is Turkey Important in Crypto Space?
When it comes to crypto awareness, Turkey is considered as one of the most crypto aware population in the world. According to a recent poll by ING, 45% of the Turkish population believes in cryptocurrency to be the future of digital cash transactions.
When it comes to cryptocurrencies, it has no value of itself, the value is what people perceive, so if more people believe in the overall system, it is good for the future of cryptocurrencies.
Is Bitcoin Legal in Turkey?
As of writing this in general, cryptocurrencies are not regulated correctly in Turkey and Bitcoin is not legal as it is not considered as electronic money according to the law.
Launching its own Digital Currency
When Bitcoin has launched a decade ago, people laughed about it no one would’ve thought that one day the governments will start adopting the concept. In recent advancements, Turkey has announced that in the year 2020 they will announce their own digital currency “Digital Lira“.
How to Buy Bitcoin in Turkey?
If you are looking to buy or sell Bitcoin in Dubai, we at Coinsfera allow you to do so.
Go to Coinsfera.com
- Enter the amount (in $) you want Bitcoin against. The interface will show instantly how much Bitcoin you will get and vice versa.
- Hit the request button, and a form will appear that will ask for basic details.
- Submit your details and leave the rest to us.
The prices are regularly updated, so you get the best rates according to the market.
The Bottom Line
In recent years with Lira currency sinking against the US dollar, more people have turned into using cryptocurrencies such as Bitcoin. Governments now realize the advantages of cryptocurrencies, and soon we will see its adoption and extensive use in Turkey also.