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The Turks Can Now Buy Bitcoin Using Local Currency, the Lira

The Turks can now buy Bitcoin using their local currency, the Turkish Lira (TRY). Thanks to the launching of a full banking integration for TRY on Blockchain.com, a major cryptocurrency exchange, and wallet. The integration provides a native payment gateway for depositing and withdrawing TRY, according to a press release on January 29, 2020.

Turkish People to Purchase BTC, ETH, and USDT Using TRY

Per the press, Turks can now buy Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) using Lira (TRY). The latter is a result of a full banking integration for TRY on Blockchain.com. According to the cryptocurrency exchange, the integration will enable the Turks to create an account, deposit TRY, and buy these cryptocurrencies using fiat within minutes.

Furthermore, the Turks can covert these assets to any fiat currency right from Blockchain.com, and at competitive exchange rates. They can then withdraw TRY directly to their accounts. What’s more, users do not have to rely on a third-party payment processor to facilitate these transactions.

A Fifth of People in Turkey Have Good Knowledge of or Use Bitcoin

While hinting on what may have warranted the addition of TRY to the Exchange, Blockchain.com noted that a fifth of people in Turkey know about or use cryptocurrencies. In addition, 45% of people in this region believe that cryptocurrencies like Bitcoin are the future of online spending. This percentage is the highest among European countries. It’s also significantly higher than the average of 28% for other countries in Europe.

Peter Smith, Co-founder and CEO of Blockchain.com said Turkey is among the countries leading, in the adoption of cryptocurrencies. However, its traders often encounter high fees and poor service while trying to access this asset class.

“Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect but demand from exchanges,” Smith added.

Blockchain.com Reduces Trading Fees for Deposits Made with Lira

In celebration of the payment gateway’s launch, Blockchain.com has reduced the trading fee to Tier 3 fees (.08% maker / .18% taker) for the first 1000 deposits made using TRY. Also, Tier 2 fees (.10% maker / .20% taker) will be paid by the next set of 1,000 users who deposit TRY into the exchange. And this fee schedule will last for one year.

On the other hand, the high use of cryptocurrencies in Turkey can be tied to inflation in the country. TRY, the country’s fiat had begun to depreciate in value, thereby leaving many residents to hold their funds in Bitcoin. Turkey’s high-level adoption compares to that of Venezuela and Argentina. These countries are facing an economic crisis and have fallen back on cryptocurrencies as a safe haven.

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