Cryptocurrencies in Turkey
Jan, 2022

Cryptocurrencies in Turkey

Turkey has entered a large inflation phase, reaching 36 % in December 2021 while the devaluation of Turkish lira against US dollar has been continuous, decreasing the consumer power for Turks.


Those events have pushed Turkish citizens in the crypto market while some research findings indicate that favorite cryptos in the neighboring country is Bitcoin and Tether (USDT). In this country, President Erdogan has declare war to cryptocurrencies, banning them as payment instruments but now he will have more legal weapons in his hands.


More specifically, the cryptocurrency law will be voted from the Parliament of Turkey while the  Turkish Financial Crimes Investigation Board has fined Binance Turkey with 8 million Turkish liras (around $750,000) for unknown reasons.


The reaction of the people will be the catalyst for the above actions….