Key Takeaways
- The Turkish crypto community is ready to put the proverbial adage that says the bear market is an excellent chance to grow into practice and bring Ethereum to Istanbul, the country's commercial center.
- This development was revealed after local experts like economist Erkan Öz, author Turan Sert, and scholar Tansel Kaya expressed how Turkey is making significant progress in crypto and blockchain.
Ever since cryptocurrency showed its potential impact in several industries, several other sectors and governments have been receptive to its unique currency and accompanying technologies. That's why it was no surprise when El Salvador made history as the first country to adopt Bitcoin as its official currency. This spurred other nations and states to follow in their footsteps. Current development in that regard is reported to be happening in Turkey.
The Turkish crypto community is ready to put the proverbial adage that says the bear market is an excellent chance to grow into practice and bring Ethereum to Istanbul, the country's commercial center.
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Turkey works hard to make Istanbul the epicenter of global blockchain buzz
This development was revealed after local experts like economist Erkan Öz, author Turan Sert, and scholar Tansel Kaya expressed how Turkey is making significant progress in crypto and blockchain.
According to Öz, Turkey's renewed interest in cryptocurrencies is primarily driven by the country's soaring inflation rate.
He added that several Turkish residents believe the traditional financial system doesn't allow them to purchase a car or a home. Because of this, there's a daily increase in their interest in cryptographic assets.
Turkey is a significant and prominent nation in the blockchain and cryptocurrency space, with interests that transcend simple market trends. The regional community is comprised of university organizations, Web3 startups, blockchain developers, and researchers. This space also includes a sizable number of cryptocurrency investors. ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain Week are just a few of the notable events organized by the country; however, it still wants to do more.
Öz pointed out that the lack of sound rules to meet the requirements of the ecosystem has impacted the use of cryptocurrencies entirely, converting them into blockchain startups or projects. He suggested that Turkey should create a regulatory framework that supports blockchain and crypto assets and protects investors as quickly as they can.
The flourishing cryptocurrency community has a clear objective that unites Shibarmy troops and Bitcoin maximalists. This reality continues to bring to Istanbul DevCon 7, the biggest conference for the Ethereum ecosystem. With the help of critical local individuals, the initiative quickly attracted a sizable following.
But even with the rapidly expanding popularity of cryptocurrencies, Turan Sert, the author of two Turkish books on blockchain and decentralized finance (DeFi), claims that Turkey isn't where it should be in terms of companies and developers.
Sert said that despite the country's delayed start, there's a presence of quick expansion. He attributed the cause of this to the success of student groups overseas and their impact in Turkey.
He emphasized that the popularity of crypto and blockchain-focused student clubs at international conferences has significantly boosted the number of developers in Turkey.
After multiple pushbacks, DevCon is scheduled to take place in Bogota this year from October 11–14. The CEO of Mindstone and professor at Kadir Has University, Tansel Kaya, highlights the significance of Turkey hosting the event. He said this was an opportunity for gifted kids who are unable to participate in these gatherings to attend.
Kaya added that it could be challenging to travel abroad, hence the presence of an interaction barrier between their Turkish software developer and student communities and the important names at DevCon events. According to him, this necessitated bringing the event to Turkey.
Do you have opinions on the possible benefits of this development for Turkey? Where do you think the nation's blockchain community will go from here? Kindly share your thoughts with us in the comments section.
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