Statistica’s Global Consumer Survey for 2019 shows that 20% of Turks are familiar with or even use digital currency. That is the highest percentage of all countries in the world, reports Cointelegraph.
President Recep Tayyip Erdoğan recently announced that the test phase of the digital lira is expected to be completed in 2020. With the entrance of an official Turkish crypto coin, other crypto coins are likely to get even more traction.
Digital currencies embraced
Ankara hesitated for a long time but has now embraced digital currencies, while the Turkish population actually immediately believed in it. A 2015 ING survey found that 45% of Turks believed that digital currencies such as Bitcoin were the future for online trading. This was the highest percentage in Europe and considerably higher than the average of 28%.
This higher acceptance of cryptos indicates that Turks feel more comfortable when using mobile devices for financial transactions. The same study found that 56% of Turks used mobile payment apps compared to the European average of 33%.
The digital payment sector in Turkey was already ready to accept crypto coins, but the first option only appeared when PayPal disappeared after it did not get a license. The use of crypto filled the vacuum that arose after the departure of Paypal, according to the Cointelegraph report.
Other experts attribute the high acceptance of crypto to the huge gaming market in Turkey. Gamers are known for having a lot of confidence in digital currencies and Turkey has no fewer than 30 million active gamers.
In addition, Turks understand better than anyone else that supply and demand also play a role in determining the value in the virtual world. The rich trade history of the Turks is held responsible for this.