Turkey is one of the most active markets in both the blockchain technology and the cryptocurrency industry, according to Changpeng Zhao, the founder and CEO of Binance, one of the largest cryptocurrency exchanges in the world.
“Turkey plays a leading role in this field, giving it the chance to lead financial technology developments,” Zhao was cited as saying by Anadolu Agency (AA). “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.
According to information compiled from the U.S.-based cryptocurrency market monitoring company CoinMarketCap data, currently, there are 4,849 cryptocurrency units and 20,850 cryptocurrency exchanges where the transactions of these currencies are performed.
The total size of the cryptocurrency market, which was $125.6 billion in January this year, increased by 59% and reached $200 billion as of November.
In addition to the increase in market size, both companies and governments are working on blockchain technology and digital currencies, which constitute the technological infrastructure of cryptocurrencies.
On the sidelines of an event in Istanbul last week, Zhao was cited as calling Turkey as a vibrant country that has illustrated one of the strongest demands and fast-growing interest in crypto.
He suggested that Turkey has quickly accepted crypto in just the last year as the country faced economic fluctuations, which correlates with global economic markets but twice the rate from its neighboring European countries.
STATE EFFORTS TO EXPAND MARKET
Zhao said that they did not have any detailed information about the Bank of China’s efforts on cryptocurrencies. “We are ready to support the efforts of central banks and other enterprises on blockchain technologies. The Bank of China’s digital currency project is a good development for the industry,” he noted.
Zhao stressed that China cares about the…