While the country of Turkey is preparing to create its own state-issued digital asset, the CEO of the leading exchange Binance Changpeng Zhao has praised the nation’s demand and interest for crypto. According to Zhao and the latest blockchain news, Turkey is now giving itself “the chance to lead financial technology developments.”
This news story comes very shortly after Binance announced a new fiat-to-crypto gateway for the Turkish lira. From this, it is clear that the exchange is attempting to position itself correctly and take advantage of the comparatively high demand for crypto assets throughout the nation.
Earlier this month, we saw that the Turkish government announced that it may be ready to issue its own digital currency by the end of next year (2020). A report in The Express even featured Turkey’s Vice President Fuat Oktay who first announced the idea about a “Digital Lira” in June.
As such, Turkey is a vital market for the development of the blockchain and crypto industry, CZ noted. The development of a “Digital Lira” has been met with a lot of enthusiasm from all sides, prompting the government to say that it will begin testing the system next year with an aim to launch it by next December.
The reports by a local news source named Anadolu Agency show that the Binance CEO thinks that Turkey is a vital market and is very optimistic about the country’s plans to create a digital currency. As he said in an interview with the publication:
“Turkey plays a leading role in this field, giving it the chance to lead financial technology developments… If Turkey takes the right steps, it will become a very important actor in the field of financial technologies in the near future.”
He further added that the company was supporting the efforts of Turkey and China to create their own digital currency, calling the plans a “good development for the industry.”
So far, Turkey has proved receptive to cryptocurrency. The hunger in the nation for an alternative to the lira is apparently a direct result of the poor performance of the fiat currency and the major debt crisis which occurred during 2018.
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