As Turkey prepares to create its own state-issued digital asset, the CEO of leading crypto exchange Binance has praised the nation’s demand for and interest in cryptocurrency. Changpeng Zhao said Turkey is giving itself “the chance to lead financial technology developments.”
The news comes shortly after Binance announced a new fiat-to-crypto gateway for Turkish lira. Clearly, the exchange is attempting to position itself correctly to take advantage of the comparatively high demand for crypto assets in the nation.
Binance in Favour of State-Issued Digital Currency Yet Clearly Expecting Demand for Crypto to Grow in Turkey
Earlier this month, the Turkish government announced it may be ready to issue its own digital currency by the end of 2020. As per a report in The Express, Turkey’s Vice President Fuat Oktay first announced the idea in June. The “Digital Lira” has reportedly been met with widespread enthusiasm, prompting the government to say that it will begin testing the system next year, with an aim to launch by next December.
According to a report by local news source Anadolu Agency, Binance CEO Changpeng Zhao is optimistic about Turkey’s plans to create a digital currency. In an interview with the publication, he stated:
“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 added that the company was supportive of efforts by Turkey and China to create their own digital currency, calling such plans a “good development for the industry.”
Turkey has proved particularly receptive to crypto in recent years. The hunger in the nation for an alternative to the lira is likely a direct result of the fiat currency’s own poor performance and a major debt crisis during 2018. At an estimated 20 percent, the country leads the globe in terms of the percentage of the…