The Posibility that Turkey Adopt Cryptocurrency Massively

According to the survey conducted by Statistca for 15,000 people, Turkey has the highest proportion of people investing in the cryptocurrency market. The data showed that 18% of investors in the country have purchased cryptocurrencies in the past few years, such as Bitcoin coin and Eth coin.

In this month, the US government imposed additional sanctions on the Turkish economy, excluding the region from SWIFT’s global banking system operating in Belgium. As a result, lira fell more than 50% against the US dollar.

On August 12, it is reported by Bloomberg that Turkish merchants lost a lot of lira due to the conflict between the country and the United States, because the government refused to release the pastor Andrew Brunson, who was arrested last month for health.

Merchants and local companies are unable to cash in their lira because of the capital controls and government incentives to convert Turkish lira into other reserve currencies, such as the US dollar.

Cahit Bas, a 48-year-old jeweler, said in an interview that he had lost 1 million lira which was worth about $350,000 due to the fierce clash between Turkey and the United States.

The government’s control of the Turkish lira by eliminating the financial freedom of residents has primarily driven the increased demand of local businessmen, individuals and businesses for cryptocurrency, such as bitcoin cash. If the liquidity of the currency is low and the central party does not allow its users to exchange it to other assets, then the value of the currency will be questioned.

As one of the largest economies in Europe, Germany has announced that they would establish a financial system independent of the United States based on the problems between Iran and the United States.

Over the years, the US government has used the SWIFT banking system to exclude countries such as Iran and Turkey from the global financial system. As more and more countries call for an independent financial system, the advantages of crypto as a counter-review and decentralized financial network will attract more consumers.