Bitfinex exchange, has introduced a novel feature enabling its Turkish clientele to deposit Turkish Lira into their accounts without incurring any fees. This move stems from a collaborative venture with Vakıfbank, Turkey’s second-largest bank.
Additionally, this strategic move serves to bolster Bitfinex’s standing in the Turkish market. It also paves the way for unencumbered access to the cryptocurrency realm for Turkish users.
Paolo Ardoino, Bitfinex’s Chief Technology Officer, emphasized the smooth and cost-effective nature of this innovation. He highlighted that Turkish users can easily deposit Lira into their accounts. Ardoino mentioned, “By integrating with Vakıfbank, we are simplifying” the process, as stated in an official announcement.
This collaboration highlights the increasing overlap between traditional banking and the dynamic cryptocurrency sphere.
Noteworthy is the fact that several non-US banks, like Germany’s Sparkasse and Commerzbank, now allow customers to buy Bitcoin. Furthermore, established financial giants such as BlackRock and Fidelity have applied for approval to introduce a Bitcoin spot ETF in the United States.
Cryptocurrency Landscape in Turkey: Turkish Lira Adoption, Inflation, and Market Trends
At the same time, PayPal has launched its own stablecoin, intending to integrate it into worldwide trade. This comes as Bitfinex revealed plans for a peer-to-peer exchange aimed at clients in Argentina, Venezuela, and Colombia. Turkey’s notable crypto adoption can be linked partly to the country’s high annual inflation rate of the Lira.
Even with the central bank’s attempts to rein in rising inflation, the Lira’s inflation rate surged in July. This marked the first increase in nine months, rising from 38.2% to 47.8%. Bitcoin is frequently viewed as a workable economic remedy for countries dealing with hyperinflation due to its limited supply.
Notably, when contrasted with the Turkish Lira, Bitcoin maintains trading levels near its historical peaks. This remains true despite a significant drop from its USD peak of $69,000.
A survey unveiled in April 2023 and conducted by Statista revealed that 47% of the Turkish populace either possesses or has engaged with cryptocurrencies, positioning Turkey on par with Nigeria for the highest crypto adoption rate.
Notably, Argentina, which contends with staggering inflation exceeding 100% annually, holds the sixth spot with a 26% adoption rate.
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