One of the most active nations in the blockchain and cryptocurrency space is Turkiye, and its interest goes beyond simple market trends. The local community comprises university clubs, Web3 startups, blockchain developers, researchers, and a sizable number of cryptocurrency investors. The nation hopes to accomplish more, having already held notable events like ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain Week.
Because there are no effective rules to fulfill the needs of the ecosystem, economist and journalist Erkan Oz claims that the acceptance of cryptocurrencies has not yet fully translated to blockchain startups or projects. He attributes the adoption rates of crypto to the hyper-inflationary situation in the country, thereby implying that people use crypto as an inflation hedge. As quickly as feasible, he adds, Turkiye should set up a legal framework to safeguard investors and foster blockchain and cryptocurrency assets.
Turan Sert, the author of two Turkish books about blockchain and decentralized finance, says that Turkiye lags in terms of companies and developers despite the country’s rapid acceptance of cryptocurrencies (DeFi). According to Sert, the popularity of crypto and blockchain-focused student clubs at international conferences significantly boosted the number of developers in Turkiye.
“We started late, but we are growing fast. The main reason for this is student clubs—the success of student clubs abroad and their resonance in Turkiye.”
The Turkish crypto community lives by the tenet that “the bear market is an opportunity to build” to make Istanbul the country’s financial center and the epicenter of the Ethereum frenzy worldwide.
Turkiye, Argentina, Chile, Namibia, and the Republic of Congo are nations whose citizens have tilted towards crypto because of their depleting currency values and a hyperinflationary environment.