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Surge in Turkish Crypto Use Amid Economic Turbulence

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

The Turkish cryptocurrency sector has been staying afloat despite the country’s dire economic situation and gloomy bear market who broke global digital asset industry for Most of last year.

The negative economic trend has not stopped some crypto companies in The country of raising capital and starting off new projects.

Metatime, a Turkish blockchain infrastructure startup, is said to have secured $11 million in Seed funding from several angel investors, including Kalyon Holdings, Halkbank, Turk Telecom, and a Turkish investment firm called Yildiz Tekno GSYO.

Platform also sold 200 million of that it native token and MetaCoin (MTC) to 33 anonymous investors from Germany, Turkey and Denmark. He. She plans To view various services, including spot tradingmargin tradingfutures trading, housing, lending and borrowing.

Adopt encryption remains strong

Metatime isn’t the only Turkish crypto company optimistic about the industry future. The winter that seems to be melting in cryptocurrency has begun digital currency use in turkey, with Many well-known exchanges like BtcTurk, Paribu and Bitay are competing for a share of development market.

Stock exchanges are trying to recover from the impact of Winter 2022 is a long cryptocurrency. According to data from the Paribu study last yearthe volume of daily transactions between Turkey leading Crypto platforms fell to $145 million from $850 million in 2021.

Despite this, there is still much local enthusiasm for digital assets. Country one of more active crypto markets in the world and with High inflation and currency depreciation drove many people To search for alternative methods of saving and conversion money.

According to the 2021 Global Customer Survey by Statista, Turkey ranks among the top five countries leading digital asset worldwide adoption, with approximately 16% of Respondents said they own or use cryptocurrencies.

However, other studies by local exchanges indicate less adoption rateranging from less than 1% in 2020 to about 7.7% in 2021. One of the main drivers for Cryptocurrency adoption in Turkey is high inflation and consumption of The Turkish lira, which undermined the purchases of many citizens power and confidence.

Central Bank Completes CBDC Testing

Hamas Turkey for Cryptography is not just for the masses. central bank of Republic of Turkey completed a CBRT recently first trial of its center bank digital Currency (CBDC) projectand called digital Turkish lira.

(embed) https://www.youtubecom/watch? v = fFAPwzrAGJ4 (/embed)

The trial involved the execution of payment transactions using Distributed ledger technology (DLT) with specified technology the owners. CBRT plans To continue testing its CBDCs throughout 2023, with more participants From banks and financial technology companies. He. She also aims to integrate digital lira with that it national digital identification systemto enable users to verify their identities and access various public services online.

Turkish Vice President Fuat Aktay revealed plans for based on the blockchain digital Identification application during Digital Turkey 2023 event. the government The platform, E-Devlet, will use the blockchain digital Identification and login system and be integrated with Most of Country public services.

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