- Cryptocurrency in Turkey is largely unregulated, despite not being used as a means of payment.
- Turkey plans to leverage blockchain technology to improve online security.
- According to a 2022 report, Turkey has more than 8 million crypto users.
Turkey plans to adopt blockchain technology for its online public services login. Following the update, residents will be verified by a blockchain-based digital identity when logging in to E-Devlet, the country’s site for a variety of public services.
Locals will also be able to access e-wallet applications using blockchain-based digital identity, according to the country’s vice president, Fuat Oktay. Oktay noted that blockchain will increase the security and usability of online services.
While speaking at the Digital Turkey 2023 conference, the Vice President said,
With the login system that will work within the scope of the e-wallet application, our citizens will be able to enter the e-Devlet with a digital identity created in the blockchain network.
Turkey has a huge market for digital assets and there is an obvious crypto frenzy in Istanbul. A small number of businesses in the neighborhood of the Grand Bazaar allow people to exchange cash for bitcoin (BTC) or tether (USDT). According to crypto enthusiasts, cryptocurrency in Turkey represents an escape from corporate limits, inflation, and national currency.
According to an estimate carried out by the Turkish crypto exchange Paribu, Turkey has more than 8 million people involved in cryptocurrency. Last year, President Recep Tayyip Erdogan emphasized the advantages of blockchain technology while cautioning young people against engaging in crypto gambling. Erdogan claimed that Turkey plans to be a creator in the digital asset world rather than a consumer.
Last year, the Turkish central bank banned cryptocurrency as a means of payment, probably in response to the depreciating lira. However, cryptocurrency is mostly unregulated in the country. The government has most likely stayed calm about enforcing a regulation due to its lack of clarity about the industry.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.