Turkey May Lead Cryptocurrency Adoption

Statistica’s Global Consumer Survey for 2019 indicates that roughly one out of five people in the Turkish population are either familiar with, or have been exposed to digital currencies in recent times. This figure, which equates to about 20%, is the decidedly the highest on of all countries.

To some, this may not come as a surprise as a survey conducted in 2015 by the ING indicated that 45% of Turkish citizens were of the view that, digital currencies like Bitcoin would inevitably be the future of internet based commerce. This figure was significantly higher than the European average of 28% who felt the same way about cryptocurrencies.

This was a good indicator of the Turkish population’s readiness to adopt digital currencies for online transacting, however, the first opportunity to do so only presented itself when the countries Banking Regulation and Supervision Agency rejected PayPal’s licence to operate in the country. This was followed by a sharp spike in the use and trading of digital assets.

Another Key Factor

However, in more recent times, there has been another major factor that has driven many Turkish citizens towards cryptographically secured currencies. This being the volatility of Turkey’s national currency, the Lira. The unsavoury conditions that the country’s main medium of exchange has had to face led to a high rate of inflation very low interest rates.
According to Yasin Oral – the founder and CEO of Bitcoin exchange Paribu- the spike in cryptocurrency trading in the country is a result of people hedging against the risk associated with the Lira.

“When a country go through an economic crisis it causes the investors to seek new channels and untroubled markets. In addition to this the fluctuating exchange rate gives way to new investment tools. In Turkey, the crypto money and the other digital assets were accepted as a new means of investment. Thanks to the population that can easily adapt to new technologies. If you pay attention to the local surveys, crypto money owners plan the digital assets as long term investments. As well as actively making transactions.” Said Oral.