While the crypto markets are in crisisthe Turks plan to create a leading blockchain ecosystem. The bear market is, according to experts, a good time to develop the sector. Let’s see together what are the plans to get there.
Turkey, already a pioneer in crypto currencies
The Turkish crypto ecosystem wants to grow and especially in Istanbul. “The bear market is an opportunity to build“according to experts in digital asset analysis. Turkey wishes to create its business center so that it becomes the center of the global hype around Ethereum.
Turkey is one of the most active countries when it comes to crypto and blockchain. But its interest goes beyond market fluctuations. Along with a huge base of crypto investors, the local community is made up of college clubs, Web3 startups, blockchain developers, and academics. The country has hosted important events such as ETHIstanbul, Blockchain Economy Istanbul or Istanbul Blockchain Week. However, the Ottoman country does not intend to stop there and wants to develop this kind of event even more.
A study of Chainalysis reported that out of $566 billion in transaction volume in the Middle East and North Africa (MENA) region, it is nearly 40% who went to Turkey. This volume was calculated between July 2021 and August 2022.
1/ Middle East & North Africa (MENA) is the second-smallest yet fastest-growing #crypto market in this year’s Geography of Cryptocurrency Report.
In this 🧵we cover key trends in the region. Read the full sneak preview here! https://t.co/fZa6UL8YaQ
— Chainalysis (@chainalysis) October 5, 2022
Crypto-assets are a risky investment.
A driving inflation rate for crypto-currencies
Turkish economist Erkan Öz tells us why a high inflation rate is important for cryptos:
“Many people think that they can no longer buy a car or a house within the traditional financial system. This is why interest in crypto-assets is growing every day.”
Increase in the inflation rate in Turkey over the last year
Nonetheless, he noted that crypto adoption has yet to be fully embraced by blockchain startups or projects. This is because there are no sound regulations to meet the needs of the crypto ecosystem. “Turkey should establish a legal infrastructure which will both protect investors and support blockchain and crypto-assets as soon as possible“, Öz added.
Despite the rapid growth in cryptocurrency adoption, Turkey still lags behind in terms of startups and developers. According to Turan Sert, author of two Turkish books on blockchain and decentralized finance (DeFi):
“We started late, but we are growing fast. The main reason for this is student clubs – the success of student clubs abroad and their resonance in Turkey.”
Sert explains that the student club success focused on crypto and blockchain at foreign events had great impact and contributed to theincrease in the number of developers in Turkey.
DevCon 7 in Turkey?
The thriving local crypto ecosystem has a new ambition: bring DevCon 7 back to Turkey. The Bitcoin community has joined forces with the “Shibarmy” troops. DevCon 7 is the largest conference in the Ethereum community, which would be a big publicity stunt for Turkey. Backed by key local figures, the movement achieved massive traction in a short time.
Today, if you check the Twitter accounts of the big names in the Turkish ecosystem, you will see the phrase #DevconIstanbul next to their name. The initiative is both on the web, but also in the real world. The last example being theAfter Merge Party d’ETHIstanbul.
Some users humorously promoted Turkey’s qualities for the conference. As below where a user praises the merits of Turkish culinary specialties.
— gem (@cemdx) September 27, 2022
After several postponements, the DevCon 6 will be held this year in Bogota, from October 11 to 14. Tansel Kaya, student at Kadir Has University and CEO of Mindstone, stresses the importance of bringing the event to Turkey for talented students who do not have the opportunity to participate in such events.
“We want our software developers and student communities in Turkey to meet the names of DevCon events, but traveling abroad is not always easy“, explains Kaya, adding: “If we cannot get out, we have to bring them here”. Indeed, there are personalities like Vitalik Buterin or Aya Miyaguchi who can be very inspiring for young university students.
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