Turkey takes the lead on blockchain in 2020

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According to Cointelegraph, Turkey is “making huge strides toward becoming one of the world’s premier locations for blockchain and cryptocurrency adoption.”

Geopolitically, Turkey is a country that bridges East and West, which has led to its interesting history and the influential relationships it has with bigger nations. This positioning could well be the opportunity that makes Turkey a blockchain hub.

One of the reasons for blockchain gaining pace in Turkey is that the US sanctions imposed after the failed coup of 2016 have crippled the country even further. These factors, coupled with low interest rates and an upcoming debt crisis, have led to a hugely volatile lira that is forcing Turks to look elsewhere to generate profit.

The country appears to be very enthusiastic about blockchain, and it is expected to launch a digital lira dubbed “Turkcoin,” later this year. Furthermore, its Capital Markets Board is set to provide clear regulation of cryptocurrencies, as well as offering a safe and regulated environment to launch and blockchain-based projects.

ING research found that Turkish people are already using and investing in cryptocurrencies more than people from any other country in Europe, and that they have a strong relationship with cryptocurrencies and an enthusiasm about using them. Some 62 % of Turkish people are very positive towards the future use of cryptocurrencies, compared to 24% of Brits, and 31% of Americans. Moreover, the Turkish people are prepared to go cashless with 46% of the population wishing that cash didn’t exist.

Also, more than any other European country, Turkish people are learning about crypto by seeking out information themselves. ING’s research shows that 55% have learned about crypto online, compared to 33% in Europe. Turkish people would also like to see banks offer crypto accounts, and 20% of the population own cryptocurrency.

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