We all know how far ahead Turkey’s ranking is in the world of cryptocurrencies. In fact, this is a sign that we also love digital currencies. So, is there any recent research? What will it tell us at this point? Let’s have a look at the details.
Where is Türkiye in the cryptocurrency market?
There is a research report recently published by TripleA. Accordingly, Turkey emerged as the 15th leading country in terms of hosting crypto money investors worldwide. The report, published in May 2023, highlights Turkey’s growing crypto user base, with more than 4.6 million people actively involved in the digital currency market. This figure represents 5.5 percent of the country’s total population.
TripleA’s extensive research reveals widespread adoption of cryptocurrencies, reaching 420 million users worldwide. The data shows that Turkey makes up 1.11 percent of the global crypto community.
Cryptocurrency trends across countries
India, China and the USA are among the countries with the highest number of cryptocurrency users. India has a significant crypto population of 103 million. On the other hand, it is followed by China with 58 million and the USA with 45 million crypto enthusiasts.
The report examines the reasons behind Turkey’s growing interest in digital currencies. It is noted that Turkish citizens, who have long relied on the US dollar (USD), gold and other traditional investment instruments, now perceive digital currencies as a safe haven for their assets. Inflation, which has reached an alarming 83 percent in the recent period, is an important problem in Turkey. This led the public to seek protection against the depreciation of the Turkish lira. In this context, developments have led to an increase in investments in digital currencies.
Government initiatives and regulations
The report also includes the government’s stance on cryptocurrencies. Accordingly, the report states that the Central Bank of the Republic of Turkey (CBRT) has conducted a successful pilot test for the digital lira. The CBRT plans to continue the testing phase in the near future. In addition, the government aims to gain better control over the digital currency market. It is also actively working on legislation aimed at implementing appropriate taxation measures.
Amid economic difficulties, Turkey’s interest in digital currencies continues to grow. The country is poised to become a notable player in the global crypto world. cryptocoin.com When we look at it as a whole, with its expanding user base and government initiatives shaping the regulatory framework, Turkey’s digital currency market holds significant potential for both investors and enthusiasts.
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