Bitcoin has become increasingly popular in Turkey. The number of Google queries for the primary cryptocurrency has increased following the latest developments out of the country, including a ban on the use of cryptocurrencies as payment instruments.
Turks love Bitcoin
Activities related to cryptocurrencies have increased in Turkey in the past few weeks. CryptoPotato previously reported that the nation would ban the use of digital assets as a means of payment in late April. In addition, the founder escaped the third largest crypto exchange in the country with $ 2 billion in user funds.
Interestingly, however, these developments have only increased the interest of the Turks in the industry and in Bitcoin in particular. Google trend data shows that the number of Bitcoin searches has gradually increased over the past few months.
The previous record came in late February when the Turkish lira collapsed 15% on the day after President Erdogan deposed the central bank governor. Now the inquiries have risen to a new record, which came the week after the aforementioned ban.
Bitcoin google search in Turkey. Source: Google Trends
Regardless, retail interest in buying the primary cryptocurrency has also been high lately. The Google search “Buy Bitcoin” set a new record a few weeks ago.
Buy Bitcoin Google Searches in Turkey Source: Google Trends
Regulations after the recent fiasco
Shortly after the third largest crypto trading center in the country closed its doors (Thodex), so did the fourth largest (Vebitcoin). Even so, the second shutdown appears to be different – instead of a billions of dollars worth of carpet, Vebitcoin cited financial hardship as the main reason, and no one associated with the company has run away yet.
As a result, the Turkish authorities have decided to take measures to prevent similar occurrences. Citing a “high-ranking official” familiar with the matter, Bloomberg reported that the country is now planning to establish a more precise and stricter legal framework for the use of cryptocurrencies.
The unnamed source said the Treasury and Treasury Department, the Capital Markets Board, and the financial crime regulator Masak would participate in the bill. The first draft saw the light of day in a few weeks.
The recently appointed Governor of the Turkish Central Bank, Sahap Kavcioglou, confirmed that new regulations are indeed being prepared.
“This market looks like a bottomless pit and regulation is imperative. Risks can trigger new risks. People can close positions elsewhere to counter their crypto losses. “- commented Orkun Godek – Head of Research at Deniz Investment.
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