Turkey Is Becoming One Of The Best Locations For Blockchain And Crypto

The country of Turkey is making huge strides towards becoming one of the best locations for blockchain and cryptocurrency adoption. The latest cryptocurrency news show that this is a nation that has often been seen as a key strategic partner to the world’s biggest and most influential countries mainly because of its positioning between east and west.

These are some of the reasons why Turkey is becoming the central hub for this nascent industry. What’s very interesting is that the country had its inflation levels at 25% as of October 2018, shortly after the US sanctions crippled an already struggling Turkish economy which failed to recover from the 2016 coup attempt. All of this coupled with the low interest rates and an upcoming debt crisis led to a hugely volatile lira which is forcing Turks to look elsewhere to generate profits.

A bright ray of opportunity is now presented as Turkey is settling in a prime position to capitalize on its passion and enthusiasm for the technology. In fact, 2020 is set to be the year that catapults the Turkish ambitions onto the global stage. Later this year, reports show that Turkey is expected to launch a digital lira dubbed “Turkcoin” while the Capital Markets Board is set to provide clear regulation of cryptocurrencies, offering a safe and regulated environment to launch and incubate projects.

The research made by ING also found that Turkish people are already using and investing in cryptocurrencies more than people from any other country in Europe. The Turks apparently have a strong relationship with cryptocurrencies and an enthusiasm about using them.

According to the survey in the blockchain news, Turkey is helping drive the adoption of both cryptocurrencies and their underlying blockchain technology. Turkish people also reported very positively towards cryptocurrencies – even 62% of them are positive about the future use of crypto. This compares to 24% of Brits and 20% of Germans and is double the 31% recorded for the United States citizens’ attitude towards this technology.

In addition to this, when asked if traditional banks should offer current accounts in crypto, a massive 63% of Turkish people agreed which is three times the number of Brits who felt the same way.