IS TURKEY TAKING THE CRYPTO CROWN FROM KOREA & JAPAN?!

GRAYLL

Turkey which links Europe, Asia and Africa is geographically located in the center of the world since the ancient history of the world, in fact Antioch and Apollonia, ancient Turkish city states, are the predecessors of Greek and Roman culture and civilization not Egypt directly.

Turkey’s geographical strategic position has been envied by many countries for millennia and is currently at the center of 1.5 billion people in 58 countries which are all maximum 4.5 hours away by plane. This represents a gigantic market worth $21.6 trillion United States dollars. However, Turkey ‘s economy no longer reflects its ancient position of trade, wealth and power in the global economy and will require to make significant changes to exploit its economic potential. Turkey’s economy is defined as an emerging market economy by the International Monetary Fund (IMF), but the Turkish lira is losing value against the dollar every day, simultaneously the inflation rate increases with each passing day and to make matters even worse — the youth unemployment rate reached 26.7% in 2019.

Students, civil servants, retirees, laborers and the private sector are affected by the fragile economy. Almost everyone in the has high levels of debt. Even the Turkish state owes itself! In the first half of 2019 alone, the total debt burden of the Istanbul Metropolitan Municipality to the state and private sector reached 28.8 billion Turkish lira ($5.18 billion USD). The Turks need an entirely new approach to change their outlook.

Since income earned in Turkish lira is losing value due to inflation and any average increases in income cannot keep up with the inflation rate, Turks attach significant and increasing importance to crypto assets to protect and increase their savings. Many Turks describe crypto-currencies as an escape from inflation. According to Statista’s research, 20 percent of Turkey’s population uses crypto-currencies. As of 2019, the main factor in Turkey’s leadership in crypto-currency use is the economic problems in the country.

In Turkey, there are 44 large and small scale digital asset exchanges. According to the disclosures and data shared by the global digital asset exchanges, Turks are responsible for a large portion of the volume of crypto asset transactions. Large renowned digital asset exchanges such as Huobi are entering Turkey further proving it’s a growth market.

Turkish interest in crypto assets and blockchain technology is increasing daily. The Government of the Republic of Turkey has a lenient approach towards crypto assets. With President Erdogan and Turkey Grand National Assembly of the Republic of Turkey’s approval, the Turkish Central Bank began working on a National Blockchain Network and a national crypto currency. In scope of the Republic of Turkey’s 11th Development Plan, the National Blockchain Network and national crypto currency were identified as national priorities. Although interest in digital assets is increasing evermore, Turks do not have enough time or experience to speculate and do basic financial analysis. This is an important disadvantage, as the opportunity that crypto assets offer can like any speculative and potentially volatile market also result in loss of capital.

Because of the lack of time and inexperience, Turks ideally require investment consultants and fund managers. However, many people do not have the resources or social networks to benefit from the advice of successful fund managers or financial advisers. Access barriers and economic problems encountered by the general population has encouraged many people to learn and use new technologies and applications. This includes the study of artificial intelligence and crypto economics in the context of FinTech. As a matter of fact, the number of companies providing algorithmic trading services and their respective user bases are increasing in number.

GRAYLL’s application and algorithmic trading system provides a new approach needed by people living in developing countries with fragile economies such as Turkey. GRAYLL will support people looking for solutions to reduce their debts, increase pension based income and improve the financial future for many young people.

GRAYLL

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GRAYLL

A simple App for Freedom, Prosperity & Wealth Inception grayll.io

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