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Despite the Erratic Economic Times, Crypto Flourishes In Turkey

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The Turkish cryptocurrency industry is still thriving even with the country’s weakening economic condition and a depressing bear market that suppressed the global digital asset sector for a better part of last year.

Despite this negative economic situation, some crypto companies in Turkey still went ahead to raise capital and launch new projects.

For instance, a Turkish blockchain infrastructure startup, Metatime has allegedly secured $11 million in seed funding. This funding came from various angel investors such as; Kalyon Holdings, Turk Telecom, Yildiz Tekno GSYO, a Turkish investment company, and Halkbank.

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Furthermore, the platform traded 200M of its native token, MTC (MetaCoin) to 33 unnamed investors from Denmark, Turkey, and Germany. The platform plans to offer numerous services such as; spot trading, futures trading, margin trading, borrowing, lending, and staking respectively.

Cryptocurrency Adoption Continues to be Strong

Metatime isn’t the only Turkish cryptocurrency platform that is positive about the future of the industry. An apparently defrosting crypto winter sparks increased digital currency usage in Turkey with various popular exchanges like; Patribu, Bitay, and BtcTurk competing for the growing market share.

These platforms are working towards recovery of the 2022 long cryptocurrency winter impact. According to the previous year information from Paribu study, daily business volume among the top crypto platforms in Turkey fail to $145 million from previous $850M in 2021.

In spite of this there is still a substantial local enthusiasm for digital assets. Turkey is among the top active crypto markets globally with currency devaluation and high inflation pushing most people to look for alternative methods to transfer and save money.

In a 2021 Global Customer Survey conducted by Statista, Turkey’s ranking is among the top 5 countries that are leaders in digital adoption globally with almost 16% of the respondents commenting that they used or owned cryptocurrencies.

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Nevertheless, more studies from local exchanges proposes a lesser adoption rate that range from less than 1% in 2020 to around 7.7% in 2021.

One of the major crypto adoption drivers in Turkey is the depreciation of the Turkey lira and high inflation which has ravaged many citizen’s confidence and buying power.

Central Bank Finalizes CBDC Testing

In the Digital Turkey 2023 ceremony, Fuat Oktay, the Vice President of Turkey revealed their plans for the blockchain-based digital identification application.

According to Oktay, E-Devlet which is the government platform will apply a blockchain-based digital identification as well as login system. Also, it will be merged with majority of the country’s public services.

The local enthusiasm for crypto in Turkey is not only limited to the masses. The CBRT (Central Bank of the Republic of Turkey) also has recently finalized the initial trial of its CBDC (Central bank digital currency) project known as; the digital Turkish lira.

This trial includes implementing payment transactions through DLT {distributed ledger technology} with chosen technology stakeholders.

The Central Bank of the Republic of Turkey plans to go on testing its Central bank digital currency throughout 2023 with additional participants from fintech companies and banks.

Furthermore, CBRT also aims to incorporate the digital lira with the Turkey identity system. Thus; allowing users to confirm their identities as well as access numerous public services online.

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