The Wall Street Journal reports that cryptocurrency adoption is booming in Turkey. This is due to the high volatility of the lira and its falling value against the USD.
In late 2021, the lira (TRY) currency began to fall against the USD. After that, the trading volume of the lira increased to an average of USD 1.8 billion per day on crypto exchanges in three locations in Turkey
Now the Turkish people are interested in Tether (USDT), a stable coin that is specifically pegged to the USD.
In September 2020, the lira has fallen by up to 40% against the USD, while the value of Bitcoin has increased by the same percentage against the dollar.
While Turks used to keep their money in USD and gold, they are now opting to keep their money in cryptocurrencies, BTC and Tether, despite the country’s central bank banning the use of cryptocurrencies as a means of payment back in April 2021.
Now the Turkish president has proposed a crypto law at the end of 2021 that will regulate the industry but not aim to ban it.