Turkey and Crypto: Everything is going to Hell over there

in Project HOPE3 years ago


In case you are wondering why the crypto dump and why btc is a bit stable at 49k-50k Turkey might have the answers you seek. Also, to be fair Biden has something to do with it as well announcing the upcoming taxation of those that have over a million dollars.

Now before i start mentioning what is happening in Turkey crypto-wise we need to take into account that Turkey's economy is in ruins. The currency is dumping and people have become extremely poor. Erdogan isn't the best leader and we all know that by now.

Also, even though i am Greek and you may say that i may be a little bit biased because of the hour-long history with Turkey you got it completely wrong. Even though Turkey doesn't recognize a lot of things both relevant to us greeks as other things like the Armenian genocide, for example, the people are quite nice and we share many similarities.

I have been to Turkey and everyone is really nice with Greeks, in fact, they consider us brother. You can exclude the right-wing or some uneducated people from this like and you can say the exact same for us Greeks.

Turkey bans crypto payments


Everything started with Turkey banning crypto payments that resulted in a quick 4% dump of Bitcoin. To be more precise the central bank of Turkey banned the use of cryptocurrencies and crypto-assets for purchases saying possible “irreparable” damage and transaction risks.

Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance
Their use in payments may cause non-recoverable losses for the parties to the transactions ... and include elements that may undermine the confidence in methods and instruments used currently in payments

That's what the ban says which i think is completely stupid. Let the people decide for themselves whether it's a risk or not, it's their own money anyway and they aren't doing anything bad. They use the money to survive and make their lives a bit better.

Also, the money will eventually end up in the Turkey markets anyway, so at the end of the day, crypto would help the local economy. If you want to find the ones that are doing frauds or buys drugs and weapons with that money search deeper cause most of them hold high positions and are doing the exact same with fiat as well.

Turkey on an international hunt for cryptocurrency Boss of Thodex


Next, we had Thodex which is based on crypto and according to the news the head of Thodex fled to Albania with an alleged $2bn from 391,000 investors while Faruk Fatih Ozer says he is in Albania for a business meeting.

Everything started with a mysterious message from Thodex saying they need 5 days to handle an outside investment and at the same time they suspended trading. Ofc investors were confused and made complaints.

Vebitcoin Collapses

Do you think it's over? guess again. After all of the above one of the biggest Turkish exchanges collapsed. Verbitcoin announced that they are halted their operations because of deteriorating financial conditions.

Their daily volume was 60million dollars so you can imagine what that means or to be more precise you actually see what that means if you had taken a look at the markets the last few days.

Final Words

All in all things in Turkey are going from worse to worst and that's literally happening in every aspect and sector of Turkey. It's really sad when people are paying hard and harsh the action of politicians or other corrupted people.

That of course doesn't mean that the crypto market will crumble or that cryptos will be long forgotten, cryptos are here to stay and many people already have a lot under their portfolios.

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