Turkey | 2021

Digital currency Adoption and trends in Turkey in 2021

2.94

%

of Turkish
own digital currency

How many digital currencies owners in Turkey?

It is estimated that over 2.4 million people, 2.94% of Turkey’s total population, currently own digital currency.

What is the nature of Digital currencies like in Turkey?

The Turkish lira crisis involving dollar-denominated debt that took place last summer greatly devalued many Turkish families’ life savings. They also saw their pensions and investments significantly affected. We may not be talking about the likes of Venezuela, but the lira did lose 20% of its value from one day to the next on August 10. Erdogan’s Turkey may be creating the perfect storm for digital currencies. With a dwindling economy and devalued national currency, it’s hardly surprising that Turkey takes the lead in digital currency ownership. In fact, the anonymous co-owner of Bitcoin.org tweeted about the huge surge in traffic from Turkish investors in August, saying this is how Bitcoin takes over the world.

Digital currencies ownership in Turkey by Gender:

 

Digital currencies's rising popularity in Turkey

  • Coindesk: Turkey Adds Digital currencies Trading Platforms to List of Firms Covered by AMLMay 2021
    Turkey added digital currency trading platforms to the list of firms covered by anti-money laundering (AML) and terrorism financing regulations, a day after the country’s ban on the use of digital currencies for payments went into effect.

  • CNA: Turkey probes second digital currencies exchange as market implodesApril 2021
    Turkey on Saturday (Apr 24) detained the chief of one of the country’s biggest digital currency firms after launching a manhunt for the founder of another exchange who fled to Albania. The Turkish digital currencies boom threatens to go bust quickly as companies fold and President Recep Tayyip Erdogan’s government prepares to rein in the unregulated digital currency market.

  • TRTWORLD: Why are digital currencies booming in Turkey?April 2021
    Digital currency’s protection against inflation has been one of key drivers behind its popularity with the Turkish public. As governments and central banks around the world attempted to counter the devastating economic damage wrought by the Covid-19 pandemic by opening the stimulus taps to gush out trillions, it left many worried about the devaluation of their currencies.

 

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