Turkey’s Exchange Trade Volumes Doubled
August 13, 2018
Trade indexes at crypto platforms of Turkey have been showing growth since the end of the last week while Turkish lira sets anti-records over and over again.
With reference to the CoinMarketCap data trade volumes at some platforms with Paribu and Koinim has doubled over the last 24 hours. But despite this the absolute figure is still small and varies in the range of $11 million.
The country’s fiat currency has hit an anti-record when compared with the US one due to turbulences in Turkey caused by the financial policy of the country’s president, deterioration in relations with the US president and inefficiency in clearing debts.
Three days ago Turkey publicly announced “economic war” with the US and called for the country’s citizens to exchange all USD for the state fiat to support its rate.
Meanwhile most of the people opted for investing in the major cryptocurrency rather than Turkish lira despite current problems with BTC rate.
Note that given digital currency getting more popular and the government plans creating its own cryptocurrency, local trade platforms of Turkey may fall under regulative firs by the officials if the latter ones see a threat in the major cryptocurrency for the economy of the state.
Turkey is by far not the only state in the region that plans launching its own national cryptocurrency. For instance, Iran is also determined to stabilize domestic economy with state-backed digital currency.