Huobi Plans To Launch Trading Of The Turkish’s Lira By 2020

Huobi plans to expand in Turkey and wants to become the biggest international player that will launch trading of the Turkish Libra by 2020 as we are about to find out more in the Huobi news below.

In a press release that was issued on October 18, Huobi explained that the first step towards the expansion of the Turkish market should go live by the end of this year. The exchange wants to strengthen its position in Turkey by acknowledging the prospective and active market in the country based on data about crypto ownership. There will be a dedicated outpost that will administer the company in Turkey with Turkish language support already live on the website. The CEO Livio Weng of Huobi Global commented:

 “Turkey is an important region for us, and we plan to bring Huobi’s six years of industry expertise, advanced ecosystem, and a standard of trust to the market, and trigger key conversations around long overdue for a thriving crypto community.’’

The first trading pair that will get launched will be against the lira and the Tether stablecoin. The most recent figures from February 2019, suggest that around 20 percent of the Turks now own cryptocurrency which is the highest proportion in Europe. According to the officials, the Lira is already among the top five most popular fiat-crypto trading pairs in the world. Despite this, the local infrastructure remains undeveloped and fiat crises make decentralized assets a very attractive option. According to the local news media outlet Coin Turk, the consumer will face strong uncertainty over crypto. The co-founder Onur Atam explained:

 “I do not think that any problems will be experienced until a law is made on this subject due to the principle of the regulation of taxes by law.’’

There will be no regulation in the tax legislation regarding transactions with virtual money but at the same time, this system is pretty unique. There is no other choice but to wait and see. Turkish consumers faced many hurdles in the past including the government’s concerns about the cryptocurrency’s compatibility with Islam. However, Huobi plans to expand and the government also has some plans for a national blockchain strategy.