Turkey aims to become a crypto and blockchain centre

Despite the downturn in markets, Turkish citizens continue to have a favourable outlook on crypto transactions. 

Recent reports indicate that despite the bear market, the Turkish crypto sector is attempting to develop the crypto ecosystem.

Turkey has held important crypto events such as Istanbul Blockchain Week, EITHIstanbul, and the Blockchain Economy Istanbul 2022 Summit, and it continues to pursue further opportunities. Nonetheless, the government emphasized one thing during the Blockchain Economy summit: despite the bad market, confidence in cryptocurrencies remains unshaken.

Erkan Oz, an economist, said that Turkey’s rising crypto traction is mostly due to the country’s high inflation rate. The economist elaborated on the delayed institutional adoption of cryptocurrency in Turkey. Due to the ecosystem’s lack of clear laws, he said that blockchain firms and initiatives have not been completely launched.

Oz urged the Turkish government to adopt a legislative framework to safeguard investments in digital assets and boost blockchain and digital assets.

The expanding crypto business in Turkey motivated the Bitcoin maximalists and so-called Shibarmy soldiers to attempt to bring DevCon 7 to Istanbul. 

The hashtag #DevconIstanbul is now appended to the Twitter usernames of individuals in the Turkish blockchain community. This is due to the initiative’s rapid expansion from digital to physical labour, similar to ETHIstanbul after the Ethereum merging.

Turkey lags behind other nations in terms of cryptocurrency companies and developers. Turan Sert, the Turkish author of two books on blockchains and Defi, said that the resonance between student groups in Turkey and overseas adds to the expansion of the crypto ecosystem. He said that the blockchain student groups in Turkey had a beneficial influence on the number of developers.

Also Read: The European Union Prohibits Russian Crypto Payments

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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