Turkey And Crypto: The Odyssey Simply Won't Stop

Although they have a unique geographic location, there is currently little that lights up the world of the Turks. For way over a decade now, the country watches as the formerly well-positioned economy falls in apart into more and more pieces.

Next to the countless changes of the governor position at the Türkiye Cumhuriyeti Merkez Bankası (eng. Central Bank of the Turkish Republic), inflation, trade deficits, heavy taxation and audit problems over $128 billion, the Lira has lost 10% in value against the US-Dollar, making it the 9th consecutive year of devaluation of the currency.

What is merely a lightly saddening development on the periphery for foreigners is a harsh reality for the country's citizens. The issue is no longer that people cannot grow and fulfill their wishes financially, but for many, the issue is today one of financial survival. It is no wonder that Turks look elsewhere to shield themselves against the burdening inflation rates, which are currently above 16%.

The keyword here is cryptocurrency. Because of the critical economic situation, the citizens are already broadly involved in currency trading daily to lower inflation. Still, the performance of an average trader is often insufficient to catch up with such high inflation rates. Since cryptocurrencies are much more volatile, people hope to make more effective gains by trading them instead of fiat currency. Unfortunately, even this was not granted to the Turks.

On April 21, 2021, the crypto-trading platform Thodex stopped all operations due to acquisition talks with investors. With a daily trading volume of over half a billion dollars, the complaints amassed on the desks of countless lawyers and courts within hours. A day later, the police started investigations on Thodex and its management but found that the CEO, Faruk Fatih Özer, was already together with nine others abroad. They fled to Albania two days before, taking all the company's funds. Meanwhile, Interpol has also sent our red alerts globally to facilitate the manhunt on Özer.

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.