The CEO of BtcTurk has stepped down from Turkey’s largest crypto exchange
Turkish cryptocurrency exchange BtcTurk CEO Ozgur Guneri has announced his resignation after leading the company's business for seven years.
According to Bloomberg, the management change comes as BtcTurk expands into Africa, the Asia-Pacific region and Latin America to become a global crypto exchange.
Gunnery will remain with the company and serve on its board of directors as BtcTurk founder Kerem Tibuk takes over as CEO.
High inflation drives demand for crypto in Turkey.
Cryptocurrencies have gained traction in Turkey as an alternative to the country's fiat currency, the lira, which is beset by high inflation. In the year In 2024, Trading Economics reports that the annual inflation rate of the lira will decrease to 71.6% from 2024.
In the year In December 2023, Bitcoin (BTC) prices were depressed against the US dollar, but the decentralized store of value still managed to reach all-time highs against the Egyptian pound, Turkish lira, Argentine peso, and Nigerian naira.
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Each of these fiat currencies is known to suffer from hyperinflation, which has led local residents to adopt Bitcoin and other digital currencies to maintain their purchasing power.
Chainalysis' 2024 Crypto Spring Report also found that Turkey has the highest dollar-pegged stablecoin usage relative to its gross domestic product (GDP).
Chinalysis analysts argue that Turkey's unusually high use of a stable currency reflects a population seeking refuge from a financial collapse.
The Turkish government is developing a central bank digital currency.
In the year In 2023, the Central Bank of Turkey issued a progress report evaluating the research and development of Central Bank Digital Currency (CBDC).
According to the report, the central bank has started testing a digital ID system, wallets and accounting systems to streamline the user interface in phase one of the research and development process.
However, a digital version of the lira will not solve inflation, as any digital banking central currency will not change the fundamentals of a centrally managed fiat with no supply cap.
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