According to the German company Statista, Turkey has become the world leader in accepting cryptocurrencies – 20% of the country’s population either owns or uses digital currencies.
Interestingly, in Turkey there is no regulation of cryptocurrencies, but this does not prevent the population from using such assets. This is due to last year’s financial crisis and a significant drop in the Turkish lira. Last year, inflation in the country reached 25%, so the population turned to cryptocurrencies in an attempt to preserve their savings. Thus, in November 2018, Bitcoin trading volumes in Turkey increased by 37% compared to the previous month.
Note that cryptocurrencies are the most popular in emerging economies. For example, 18% of the population of Brazil and Colombia, as well as 16% of the inhabitants of Argentina and South Africa, use bitcoin and other coins. Among citizens of developed countries, the adoption of cryptocurrencies is noticeably lower: in the United States, only 5% of the population uses cryptocurrencies, and in Germany and Japan even less – 4% and 3%, respectively. In Russia, the adoption of cryptocurrencies is at an average level of 9%.
As previously reported, the Central Bank of Turkey is preparing to issue its own cryptocurrency. It is likely that after the launch of such a coin, other digital assets will be limited in the country.