Economic problems of Turkey can lead to the adoption of cryptocurrencies
President Donald trump recently raised tariffs on the export of aluminium and steel from Turkey in the United States that led to the decline in value of the Turkish Lira by more than 14% against the U.S. dollar. And as a result, trading volume nekotryh the largest in Turkey kryptomere Btcturk, Koinim, and Paribu decreased by almost 100%.
However, looking at these events, especially the fall of the Lira to a record low against the US dollar, it seems that the people of Turkey are losing confidence in their financial system. Economic policy of the country is subjected to harsh criticism because she is unable to recover from a severe debt crisis.
Meanwhile, Turkish President Recep Tayyip Erdogan issued a warning, saying that the US is waging “economic war” against the nation. Erdogan also said Turkish citizens to support the fragile local currency, exchanging gold, the Euro and the dollar in Turkish Lira.
It seems that the EU is to strengthen this provision, the people of Turkey will be forced to turn to bitcoin and other cryptocurrencies. Most of this year, the stock market followed the bearish trend, but in countries such as Venezuela, where the local economy and the national currency collapsed, local retailers started to use the cryptocurrency to survive.
the people of Turkey announced that a new cryptocurrency exchange open frequently, and that people are increasingly interested in buying and using digital currency.
Some users have reported on the transition to the crypt due to political and financial turmoil that the country is experiencing in the last few years.
Some citizens said they had lost confidence in the traditional financial system as a whole. According CryptoCompare, Turkish Lira in recent days amounted to 0,07% of the total trading volume of BTC.
It is noteworthy that, as reported CryptoGlobe, Turkey recently launched its first research and innovation center blockchain.