Although we have entered the Chinese year of the Rat, this also might be Turkey’s year of crypto.

According to a recent survey by Statista, 16.8 million people in Turkey (20% of the population) use or possess a cryptocurrency, and rumour has it that they are about to wade in with their own digital lira or “Turkcoin." This could be a smart move for the country often regarded as a critical strategic partner to both the east and west due to its central position to both. With the Turkish lira experiencing some volatility the country finds itself at a crossroads as its Capital Markets Board sets out to provide clear regulation for cryptocurrencies. Turkey may soon become known as a safe place to launch and incubate Blockchain and crypto projects.

With Turkey boasting the largest number of people holding or investing in digital currencies in Europe, it should come as no surprise that almost half the country would be agreeable to not using cash at all potentially making it ripe for the adoption of peer-to-peer payment methods such as the Dragon Social Wallet (DSW). As DSW to DSW wallet transfers is entirely free, Dragon Blockchain technology may be precisely the solution needed to propel Turkey onto the global crypto stage.

So, what’s next?  At the close of last year, Turkey’s President Erdogan said that the country would complete testing of national digital currency in 2020 with the overriding aim for it to become an attractive location for global finance operations. With the country’s clearing bank, Takasbank introducing a Blockchain-based, gold-backed transfer system, there is undoubtedly an appetite for the technology, and with several exchanges setting up an office in Turkey this will only strengthen the country's reputation as one of the leading countries for blockchain use and cryptocurrency adoption. With national digital currencies currently high on the agenda of many countries Turkey could soon join the likes of the UAE (Emcash), Venezuela (Petro), Russia (Crypytoruble), Sweden (E-krona), Japan, Tunisia (EDInar), the Marshall Islands and of course China as a country with its own digital coins.*

For more industry news, stay tuned to the Dragon Blog and if you haven’t tried out the Dragon Social Wallet yet, click here to download it from your app store now.

*countries who already have or are investigating the introduction of their own national currency.  All information believed to be correct at time of publication, however, we recommend you conduct your own research for the latest statistics.