Bitcoin means financial stability for Turkey


President of Turkey’s Central Bank (CBRT) – Murat Cetinkaya, established cryptocurrency research group with digital asset market participants and then said: “cryptocurrency may help Turkey gain financial stability.

Turkish Bitcoin story started in the 2016 when Lira had lost significant purchasing power. Nowadays, the situation has changed – Bitcoin is growing in strength. What is more, it has been expanded in the country and, as Turkish specialist claims, at the same time, it helps to develop the region. That’s sound promising.

Last year, President Erdogan and department of economy initiated Bitcoin interest. Before this time, Turkish economic policy was many times in a terrible condition, and it led to cash shortages. Also, some governmental decisions weren’t helpful, for example when the president wanted to encourage citizens to convert foreign currency into Lira.

Currently, Bitcoin exists in Turkish people’s daily life: in purchasing a real estate, withdraw in ATM at Ataturk International Airport in Istanbul, playing on exchanges- Turkish Lira-Bitcoin and BTCTurk and in using infrastructural suppliers as Payza and Bitwala. Although there is no regulative regime in the country, bank regulators believe that using cryptocurrencies will be prudential.

Bitcoin gain more and more popularity. So Central Bank start monitoring cryptocurrency scrupulously. Still, there is no financial law about cryptocurrency, but statistics show that Turkish economy is growing. Moreover, cryptocurrency market gain into gear – project MiaVita Beytepe came into existence. It consists of selling luxurious apartments in Ankara in virtual currency. Creator of this enterprise is Anadolu Akaryakıt ve Ticaret Ltd. Şti. Business counts 114 flats. The idea appeared to attract more investors to this turkish city. Trailblazers and Project Management Firm owner – Erdal Daldaban thinks that cryptocurrencies would be an integral element of people’s lives soon. Besides, transferring money and making payments are faster with them, as also keeping the money – safer.

Purchasing real estates using cryptocurrencies is nothing new, it is already implemented in Dubai. Maybe Turkey’s economy is not that developed as Dubai’s one, but financial stability is a good step forward.

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