According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase.
Transportation Costs Rose Read More
Rising historical volatility implies prices have been moving more than usual. Assets with high volatility readings are considered risky investments, which means the lira, a sovereign currency, is now riskier than bitcoin, a cryptocurrency created and distributed on a peer-to-peer basis and often criticized for being unreliable as a medium Read More
The Central Bank of the Republic of Turkey recently revealed it made the decision to provide incentives to gold deposit and participation fund holders that request to convert these into lira time deposits, a statement from the central bank has said.
Incentives Intended to Boost Financial Stability
The Central Bank of the Read More
Binance, the world’s largest cryptocurrency exchange by trading volume, is still dealing with regulatory issues in 2021. According to a Reuters story, the country’s Financial Crimes Investigation Board has fined Binance’s Turkish affiliate, BN Teknologi, an 8 million lira (about $751,314) penalties (MASAK).
Binance Turkey Fined
Binance Turkey was fined 8 million Read More
The Financial Crimes Investigation Board (MASAK) has fined Binance Turkey 8 million lira (nearly $750,000) after the crypto exchange failed the financial watchdog’s audit for monitoring Anti-Money Laundering (AML) compliance. The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found Read More
Turkey’s President Recep Tayyip Erdoğan reportedly announced that the country’s cryptocurrency law “is ready” and will be submitted to parliament “without delay.” Meanwhile, Turkey’s Financial Crimes Investigation Board (MASAK), which oversees crypto exchanges, has reportedly fined Binance Turkey over violations found during liability inspections.
Turkish Cryptocurrency Law ‘Is Ready’
Turkish President Recep Read More
Bitcoin (BTC) fell over 5% from local highs through Dec. 20 as macro tensions persisted into the new week.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: Brace for volatile end to 2021Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it fell back below $46,000 overnight on Sunday, reaching lows of Read More
“The data shows despite the instability faced by the lira, local traders are still attracted to the exceptional returns associated with coins such as SHIB,” Strahinja Savic, head of data and analytics at Toronto-based crypto platform FRNT Financial, said in an email. CoinDesk reached out to BTCTurk, one of a Read More
The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira.
Turkey Sets Up Digital Lira Read More
In more stable regions, investment and speculation make the primary use case for Bitcoin. But in Turkey, the leading cryptocurrency has become something of a lifeline as the effects of economic panic begin to be felt.
Bitcoin Trades for $100k on Turkish P2P Platforms
The lira plummeted 14% against the dollar on Read More