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Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network

31.12.2022
The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials. Turkey to Widen...

CBRT sticks along & accelerates usage of Digital Lira

30.12.2022
Turkey is determined to go ahead with the test on its Digital Lira after the central bank announced that it had concluded the first test. The Central Bank of the Republic of Turkey has added that it plans to continue running a few tests on the digital currency in the next year too. According...

Central Bank Digital Currency: Turkey's Central Bank Conducts First Transactions of Digital Lira – Will Other Countries Follow Suit?

30.12.2022
The Central Bank of the Republic of Turkey (CBRT) has completed the first trial of its central bank digital currency (CBDC), the Digital Turkish Lira. The country's central bank issued a press release on December 29, stating that, "In the scope of the first-phase studies of the Digital Turkish...

Turkey’s central bank completes first CBDC test with more to come in 2023

30.12.2022
After recently completing its first payment transactions using a CBDC, the central bank is pushing ahead with more tests over 2023

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings

20.12.2022
On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely....

Report: Turkey’s September Gold Imports up by 1,700% as Individuals Swap Falling Lira With the Precious Metal

15.10.2022
Turkey’s gold imports of just over 39,000 kilograms in September 2022 are more than 16 times the quantity that was brought into the country in September 2021. The surge in Turkey’s gold imports is reportedly being spurred by the rise in demand for the precious metal by individuals...

Turkish Inflation and Lira Woes Makes Crypto The Great Mitigator

6.9.2022
Notwithstanding the Ukraine war, 2022 will most likely go down in history as the year of inflation. Following decades of sub-5% inflation in the United States and the European Union, prices have risen by around 9% in both areas, driven predominantly by supply shocks to energy and food (not...

Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia-Ukraine War Blamed

6.8.2022
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...

Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto

30.5.2022
A new study has found that nearly 43% of Turkish individuals surveyed consider gold to be the best form of investment, while just 1.9% said they would invest in cryptocurrencies. Real estate is the next most-preferred after gold, with 27.4% of the respondents saying they would invest. Fewer Turks...

Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe

16.5.2022
A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when...

Russia's energy chief says it would accept Bitcoin for oil and gas

25.3.2022
The heavily-sanctioned country is scrambling to find ways to increase its revenue and has floated the possibility of allowing China and Turkey to pay for energy in Bitcoin

Turkey (Unintentionally) Builds Case for Bitcoin as It Plans to Convert Citizens' Gold to Lira

11.2.2022
The Turkish government is working on plans to get its citizens to hand in ‘under the mattress’ gold in its latest scheme to prop up the value of its national currency, the lira. But according to some, the country would have been much better off had it just embraced bitcoin (BTC).... Read More:...

Turkey’s Inflation Jumps to 36%, Lira’s Value Plummets, Citizens Flock to Stablecoins

3.1.2022
The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey...

Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits

2.1.2022
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...

Binance Turkey fined 8M lira for non-compliance against money laundering

26.12.2021
MASAK found Binance Turkey guilty of violating the Law on Prevention of Laundering Proceeds of Crime, also known as the AML Law

Turkish President Erdogan Says Cryptocurrency Law Is Ready as Crypto Regulator Fines Binance 8 Million Lira

26.12.2021
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...

Turkish Lira Slump Contributes to Rise in Turkey’s Daily Crypto Trades to Over One Million

22.12.2021
The popularity of cryptocurrencies in economically embattled Turkey has continued to surge with the number of daily trades now surpassing one million, a report has said. This surge in trades has been attributed to the depreciating lira which plunged to a new low against the USD on December 20. Lira...