Falling Turkish lira boosts daily cryptocurrency transactions in Turkey

The fiat currency has depreciated by almost 40%, which became the catalyst for an increase in their numbers

23.12.2021 - 13:45

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What’s new? Cryptocurrencies continue to grow in popularity in Turkey, with the number of daily digital transactions has exceeded one million. This growth is explained by the depreciation of the lira, which has fallen to a new low of 11,6 against the US dollar. This is reported by Reuters, citing data from Chainalysis and Kaiko.

The Reuters report

What does the Reuters report say? According to the data, the return to the indicator over a million transactions a day came at a time when Turkey's fiat currency, the lira, has depreciated by almost 40% since September. The cryptocurrency transactions in Turkey had previously surpassed the 1 million a day mark following President Recep Tayyip Erdoğan's unexpected dismissal as the central bank governor on March 22.

The report also mentions that bitcoin and stablecoin USDT are the most widely traded assets. This is evidenced by data showing that the TRY/USDT pair is one of the most traded, while the fiat currency pair with BTC ranks 12th.

What had happened before? The reports that Turks are increasingly switching to cryptocurrencies came months after the central bank banned the use of crypto assets when paying for goods and services. In addition, President Erdogan has said the country is at war with cryptocurrencies.

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