TL Becomes The Official Currency With The Most Transactions With Tether

The huge depreciation of the Turkish Lira, especially in the last half of 2021, caused our money to melt against foreign currency. On the other hand, the gradual depreciation of TL, on the other hand, will increase this depreciation gradually. increased foreign exchange and cryptocurrency investments. As a result, the government took some steps to prevent these investments.

Turkey had put into effect the Currency Protected TL Deposit in December 2021, on the day the dollar/TL rate hit 18 TL and broke the record. In the following days, a new commitment was prepared for borrowers, and they were prevented from investing the withdrawn loan in investments such as foreign currency, gold and crypto money. After these measures, while the dollar rate was hovering around 13 levels, important statements were made about the TL.

TL surpasses dollar and euro in Tether transactions

Financiology Education and Consultancy Founder Assoc. Dr. Aysel Gundogdu, that the demand for the dollar rate still maintains its strength pointed. Also, according to Gündoğdu, the banks’ opening of the gap between the currency exchange prices against the foreign exchange demand increased the interest in a different instrument. Accordingly, very low commissions are received in cryptocurrency exchanges and there is no such thing as banks, The ‘stablecoin’ pegged at $1 has increased demand for Tether.

Gündoğdu, especially the young population with a high level of education and good relations with the digital world, is doing in cryptocurrencies. Increasing number of transactions expressed. A report by the Wall Street Journal based on Chainalysis data confirmed and reinforced this. According to this news, in Turkey in December against the lira more than half of transactions are Tether were transactions. So much so that the Turkish lira surpassed the dollar and the euro against Tether. It became the most traded official currency in the world.

Volume of cryptocurrency transactions in Turkish Lira in the 4th quarter of 2021, according to Chainalysis data an average of $1.8 billion per day was.