Turkey’s cryptocurrency trade exceeds one million due to lira crisis

Turkey's cryptocurrency trade exceeds one million due to lira crisis

Reuters reports that cryptocurrency transactions in Turkey reach more than one million per day as the country’s currency record falls to record lows.

The abrupt change of the country’s central bank chief in March led to the first major collapse of the lira in 2021, crossing the 1 million mark for the first time this year.

But the number of trades fell below 500,000 before the recent fluctuations in the lira revived interest.

The lira has fallen about 40 percent since September, forcing Turks to look for places to keep their savings to avoid the effects of high inflation.

It is common for Turks to convert the lira into US dollars or gold, having lost 90 percent of their value since 2008.

But Ankara is trying to make these practices more difficult, as cryptocurrency prices have risen sharply this year, with cryptocurrency trading gaining popularity, especially in Bitcoin and Tether.

Bitcoin, which hit a record high of $ 69,000 in November, is widely seen as anti-inflation and a hoard of value despite its volatility.

However, the increase in cryptocurrency trade in Turkey has attracted the attention of the authorities. Turkey’s deputy prime minister said last September that he would introduce restrictions on emerging asset class, and in April the Turkish central bank banned cryptocurrencies for traditional purchases, citing “irreparable” damage.

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