Turkey: The Next Crypto Powerhouse in 2020?

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When it comes to the adoption of cryptocurrency, it might be surprising to you that a survey has revealed 1 in 5 Turks has previously used or owned crypto assets. As the largest crypto holding country, Turkey has been under the spotlight in the crypto sphere for some time, attracting blockchain-related businesses to enter this enticing market.

Let’s find out why every crypto investor is eyeing this nation now, and what’s fueling this buoyant Turkish crypto market?

Turkey’s blockchain-focused economic roadmap

Despite the devaluation of the Turkish Lira, excessive debt crisis and economic downturn in 2018, Turkey is determined for a strong comeback with ambitious efforts focusing on blockchain developments.

In July 2019, the government listed blockchain adoption as a significant aspect of their economic roadmap until 2023. In light of a high level of enthusiasm for cryptocurrency, they have made plans to issue a national central bank digital currency, Lira. The development and pilot of the digital Lira will start this year, which involves setting up a software platform for instant payments.

Empowering the local blockchain developments

The government has also set to build a holistic national blockchain infrastructure to support the blockchain development. The initiative includes establishing a new open-source blockchain platform for exploring ways to integrate distributed ledger technology into public sector applications, such as land registry and education, and developing a regulatory framework for cryptocurrency.

Furthermore, the nation is cultivating blockchain developments in institutions to incubate blockchain talents and next-generation blockchain projects. The first dedicated research and development center for blockchain technology was set up last year.

Increasing crypto players to tap into the market

The crypto hype has encouraged more players to enter the market. As we can see the second-largest bank in Turkey, Takasbank, has launched a blockchain-based gold trading platform for the banking industry. A growing number of global major crypto exchanges are building their local presence there. And the largest privately-owned investment bank in Turkey, Aktif Bank, also launched its cryptocurrency exchange last year.

What’s more, the first-ever blockchain summit was held in the nation last year and attracted flocks of crypto investors, economists, startups, banking experts and professionals from around the world to attend. Such remarkable results demonstrated its charm to be an up-and-coming crypto hub that fosters a committed blockchain community and drives blockchain developments.

The most-anticipated blockchain summit in MENA and Eurasia

Into its second edition, the two-day blockchain and cryptocurrency conference Blockchain Economy will be setting its stage in Istanbul.

From Feb 20–21, the summit will bring together some of the most prominent voices in the industry to discuss DeFi, blockchain technology, cryptocurrency, as well as artificial intelligence, big data, IoT and global citizenship.

As the world-leading cryptocurrency exchange, OKX is excited to join this global crypto community to explore how the crypto economy will evolve in the future. What is more, our Financial Markets Director, Lennix Lai, will be joining as a keynote speaker to share his thoughts and experiences as well.

Join us along with a host of like-minded crypto enthusiasts and thinkers for a two-day deep dive into the future of the blockchain economy. We will be ready to welcome you all at our booth. See you there!

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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