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Turkey’s Crypto Interest Is Growing Each Year

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turkey's crypto interest

The world’s 20th biggest economy, the country of Turkey, may not be the most well known internationally for its authoritarian President, Recep Tayyip Ergodan, but the country is definitely modern in many other aspects. Turkey’s crypto interest is a proof for that – and the country is on a good path to become a global industry in that manner.

At the moment, the trading volumes in BTC/TRY (Turkish Lira) are small compared to other major fiat currencies, the cryptonews show. However, Turkey’s crypto interest is big and recent news confirmed that the crypto-related companies are setting their sights on the Euro-Asian country.

In October, Huobi said that it will launch an option to trade TRY for Tether and its USDT stablecoin by the end of the year. The mobile-based cryptocurrency Electroneum (ETN) signed a deal with three Turkish telecom operators to enable people to pay for airtime using ETN.

With the Turkish government’s plans to introduce its own central bank currency (CBDC), the interest is growing. There is a set date by 2023 and it is likely that cryptocurrency and blockchain will increase their prominence in the country in the years to come.

Turkey’s crypto interest is growing – and the country is one of the friendliest populations to crypto in the world. Last year, there was a survey published by ING indicating that 18% of the surveyed Turkish citizens own cryptocurrency in one kind of another. This comes in contrast to the 9% of Europeans and 8% of Americans with the same activity.

Other surveys also show that crypto ownership in Turkey is fairly common, even if the trading volumes for TRY are relatively low. When the Turkish Lira plummeted in value last August, Turkey’s crypto interest surged even more and Bitcoin.org reported that it saw a 42% increase in its visits coming from Istanbul, Turkey. The trading volumes on Turkish exchanges also increased.

Other surveys including the 2019 Statista Global Consumer Survey shows that 20% of the surveyed Turks do own cryptocurrency – something that replicates the findings of the ING survey.

“Yes, the cryptocurrency industry is very popular in Turkey nowadays and more and more investors are showing interest in crypto sector each year in Turkey,” confirmed the team at Sistekmkoin, which is one of the largest crypto exchanges in the country.

 

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Crypto Markets Continue The Drop: BTC Below $8,200, Alts Following

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A major sell-off occurred earlier today, resulting in a lot of pain for cryptocurrency traders this morning. As the crypto markets continue their drop, Bitcoin (BTC) is now at a new price level below $8,200.At the time of writing, it seems like all of the top 20 cryptocurrencies are in the red and seeing significant losses. The altcoin news show that Tezos (XTZ) which is the 17th largest altcoin by market cap is resisting this bearish movement and is still up by 1% over the past 24 hours despite the massive sell-off occurring on the market.As we can see from the charts, Bitcoin failed to reclaim $8,500 earlier today which caused its price to continue dropping. As the crypto markets continue the drop, BTC managed to visit lows of $8,104 per coin earlier on the day.At press time, Bitcoin (BTC) is trading at around $8,160. The latest Bitcoin news indicate that there has been a decline which is south of 5% as the major cryptocurrency is flat over the past 30 days.The fresh decline in the market is considered by some analysts as one that could expose Bitcoin to a potential return to $7,400 as we reported today. In contrast to this, other analysts suggested that Bitcoin's recent trading into a falling wedge is typically a bullish pattern which has a success rate to break to the upside in around 68% of the cases.Ethereum is losing 4% on the day, Ripple's XRP token is down by ore than 5%, Bitcoin Cash has lost ground and keeps falling with 8.31% minus so far, and EOS is in similar pains with a 7.53% drop. The Bitcoin Cash news today now seem to pinpoint BCH as the biggest loser of all in the altcoin markets.Last week, the CEO and co-founder of Distributed Lab made waves in the industry when he claimed that the Bitcoin price could "crash to zero" in the event of mass adoption by institutions.The total market capitalization right now amounts to $225 billion and keeps dropping. While industry experts hoped for another bullish run this week, the Tuesday proves painful. The only optimists in the space are the renowned bull Tom Lee who recently reaffirmed his prediction about BTC hitting $25,000 by 2022.
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MakerDAO Project Launches Multi-Collateral DAI Stablecoin

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MakerDAO project officially launched its upgraded multi-collateral DAI stablecoin today and announced it will not include traditional assets as accepted forms of collateral yet. The cryptocurrency exchange Coinbase on the other hand, announced support for the upgraded token from 2nd December as we reported in the previous altcoin news here on DC Forecasts.The Multi-collateral DAI (MCD) will add a lot of new features to the Maker protocol according to the recent blog post and in addition to the expanded range of increased collateral asset types, it will also introduce the Dai savings rate. This will allow the holders of the MakerDAO project to earn the save in the native coin and the initial rate will be decided by the holders.The collateral which has been limited previously to the ETH tokens only, will not be open to other ERC 20 tokens and there are right now a few other tokens under constructions and the initial tokens will be added and voted on by the MKR holders. Coinbase announced its intention to support the Multi-collateral DAI in a blog post of its own. Any token that is held on the exchange will be upgraded from Single-Collateral DAI or now known as SAI, to multi-collateral DAI on December 2nd.Sai that is held elsewhere can be moved to a new Coinbase account before the date for automatic conversion. Coinbase also plans to further automate the conversion at some point in the future for all those who miss the deadline. However, Sai can also be manually converted to DAI by using the Migration app from MakerDAO or via the Coinbase Wallet app. Anyone who has the SAI on the Coinbase platform, but does not want to migrate to the multi-collateral version, should move the tokens elsewhere before December 2nd.The original single-collateral DAI went live before two years with the goal of creating a cryptocurrency that will be able to support the decentralized and stable digital global economy. There were some concerns back in September that the token’s multi-collateral future would incorporate the traditional assets as collateral and to also introduce KYC features which many believe is defeating the purpose of the decentralized finance.
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Retirees From Venezuela Will Get Pensions In Petro Cryptocurrency

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Retirees from Venezuela will start getting their pensions and their Christmas bonuses in the national cryptocurrency the Petro, as per the Venezuelan President Nicholas Maduro who announced the new measure as we are reading in the altcoin news today.The Twitter profile of the local news outlet Venepress reported on the remarks that Maduro made on November 17 and the particular instance is not the first time that the Venezuelan President pushes the national cryptocurrency Petro into the wallets of the retirees from Venezuela and the pensioners so far.As it was reported in December last year, Venezuela decided to automatically convert the pensioners’ bonuses for the year into Petro. The crypto asset in question was launched in a pre-sale back in February 2018 and raised concerns among the foreign observers from the very beginning. Later in August the same year, Petro was already denounced as an opaque ‘’stunt’’ that was backed by the centralized government of Venezuela and a debt-saddled currency.However, the national cryptocurrency and other cryptos, in general, are being pushed massively by the local government. For example, Spain reported on November 13 that the deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba who explained that he believes that all currencies will be replaced by cryptocurrencies.Torrealba claimed that the country is facing a huge challenge and a change and Maduro is making a huge contribution to the country by creating the Petro cryptocurrency. He finished the interview by saying that ‘’everything will be from this currency.’’  As previously reported, the Venezuelan President has mandated that the country’s oil-backed cryptocurrency – the Petro – must be used for funding the ‘Great Housing Mission Venezuela’ social hosing program.The minister of popular power for habitat and housing named Ildemaro Villarroel said that the program will be funded using the Petro cryptocurrency. In an official announcement posted on the department’s official website, the minister said that the Venezuelan President put a start to the scheme. He also noted that the financing mechanism is offering greater guarantees that the scheme’s outcomes will be achieved.He also ordered the official bank of Venezuela (Banco de Venezuela) which is the nation’s biggest bank – to open a desk for the Petro (PTC) cryptocurrency. The famous oil-backed cryptocurrency which was created as a store of value in the country is apparently in the news again.
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German Regulator Ordered KaratGold Coin Creator To Stop Operations

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The German regulator- the financial supervisory authority along with the South African regulators took actions over sales of a purportedly gold-backed cryptocurrency as we are reading further in the latest cryptocurrency news today.The German regulator disclosed back on Monday that it had issued a cease-and-desist order against Karatbit Foundation for issuing the KaratGold coin without necessary licensing in the country. The South Africa Financial Sector Conduct Authority warned the consumers to avoid the investments that were offered by Karatbars International GmbH which is a German company that promotes the reportedly gold-backed KaratGold.With the BaFin order, the foundation has to ‘wind up its electronic money business’ in Germany as per the regulator. BaFin didn’t quite respond to requests for comment by press time. Running on the Ethereum blockchain, the KaratGold Coin is officially listed on about 25 exchanges. The Belize-based Karatbit Foundation is the issuer of the coin and the manager of the entire ecosystem according to the KaratBank coin white paper which is why the entity is considered unregulated.Karatbars International has denied all of the accusations that were leveled in the German business publication Handelsblatt according to the company posts and a story that was published on Wednesday by TheGuardian. The media outlet reported that the Karatbit Foundation is under orders to return the investors’ funds that reached up to $100 million which is equivalent to the amount that was raised in 2018.Harald Seiz who is the CEO of Karatbars stated that the German regulator is mistaken the order against the firm basing the actions on a scam website that is not associated with the company. He claimed:
 “We are completely transparent, we have nothing to hide, if there are unanswered questions, we will clarify them, of course, we fully cooperate with the relevant authorities and are very anxious to clear up any misunderstandings as fast as possible interested.’’
The FSCA explained that Karatbar International solicited multiple South African investors via WhatsApp to purchase unspecified investments without holding the authority to operate in the country and the warnings from South Africa and Germany came later after it was reported that the Florida Office of Financial Regulation stated that Karatbars is not licensed as a bank.
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