The Turkish crypto community is particularly ready to put the proverbial adage, “The bear market is an opportunity to grow,” into practise and bring Ethereum to Istanbul, the country’s commercial centre.
One of the most active nations in the blockchain and cryptocurrency space is Turkey, and its interest goes beyond simple market trends. The local community is made up of university clubs, Web3 startups, blockchain developers, and researchers in addition to a sizeable number of cryptocurrency investors. The nation hopes to accomplish more, having already held notable events like ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain Week.
According to economist Erkan z, Turkey’s growing interest in cryptocurrencies is mostly driven by the country’s high inflation rate, “Many people [in Turkey] think that they can no longer buy a car or a house within the classical financial system. For this reason, interest in crypto assets is increasing daily.”
However, he pointed out that because there aren’t any sound rules to suit the needs of the ecosystem, the use of cryptocurrencies hasn’t yet fully translated to blockchain startups or projects. “Turkey should create a regulatory framework that supports blockchain and crypto assets as quickly as possible and protects investors at the same time,” Öz said.
The thriving local cryptocurrency community has a new goal that unifies “Shibarmy” troops and Bitcoin maximalists: bringing DevCon 7, the biggest conference for the Ethereum ecosystem, to Istanbul. With the help of important local individuals, the movement quickly attracted a sizable following.
(With insights from Cointelegraph)
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