Turkey is a southwestern Asian country with a population of 80 million people and an area of 783 thousand kilometers. Turkey is a big and influential developed economy with the 17th largest nominal GDP and has a leading position in exports of such goods as agricultural products, vehicles, construction materials and consumer electronics. The strongest companies in Turkey are mostly from financial, telecommunication and construction industries. The Turkish banking sector is one of the most robust and widespread financial sectors in the Middle East. Bitcoin is not regulated in Turkey. Turkish authorities don’t consider Bitcoin to be a currency or electronic money. However, Bitcoin is pretty popular in Turkey, as both its usage and demand are growing. The Turkish lira-Bitcoin exchange BTCTurk offers the exchange of Bitcoin and foreign currency in the Istanbul airport in Bitcoin ATMs.
After a blanket ban on crypto, Bitcoin is now a talking point for Turkey's politicians.
Bitcoin caught in the crossfire as Turkish opposition leader voices support
Turkey’s central bank is also banning payments providers from offering fiat-to-crypto onramps for cryptocurrency exchanges.
Turkey to ban cryptocurrency payments
Searches for Bitcoin emanating from Turkey exploded after news broke regarding the 14% plunge in the value of the Turkish lira.
Bitcoin searches in Turkey spike 566% after Turkish lira drops 14%
Regulators are taking a hard look at crypto in Turkey, but local experts welcome the oversight.
Turkish finance ministry to study cryptocurrency with local regulators
Statista has found that one-in-three Nigerians held or used crypto assets during 2020.
Nigeria and South East Asia led global crypto adoption in 2020
While the announcement came as a surprise to some, a digital Lira has been in the works since 2019
Amid inflation woes, Turkey announces CBDC tests planned for 2021
New Year Special
Turkey started off strong in crypto and blockchain in 2020 — then the pandemic happened.
How did the Turkish crypto ecosystem survive 2020?