The adhesion to cryptocurrencies in Turkey is growing and binance is open to deposits in lire

By Roberto D. | CryptoFarm | 16 Nov 2019

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What binance is pushing the integration of fiat currencies on its platform to favor mass adherence to bitcoin and cryptocurrency was well known, what almost nobody expected was that the second currency fiat to land on the exchange, after the Nigerian one, was the Turkish Lira; the last time we had dealt with it, in fact, Changepeng Zhao was attending an event in Moscow and had hinted that soon binance would open to deposits in rubles. Today's news, therefore, has displaced many observers because the second fiat currency to land on binance is not the Russian one but the Turkish one; in reality it is not such a surprising move, in fact, outside of Latin America, Turkey is one of the first countries in the world for volumes traded in bitcoins, a trend that has been going on for years now, ever since the speculative pressure began again take aim at the Turkish lira. The official arrived a few hours ago and the press release reveals that the deposits in liras will be allowed by the partnership with the local company Papara.

The opening, however, is not total, for now Turkish users will only be able to buy cryptocurrencies using the national currency, but they will not be able to do the reverse route, ie they will not be able to buy back lira starting from bitcoin or other encrypted currency; it is not known, currently, if this is due to legal problems or if instead it is necessary only a little more time to overcome any limits of integration with Papara that at this time may not allow that type of operation, however the local exchanges also rely on Papara and offer users the opportunity to both buy crypto and sell them in exchange for legal tender currencies. Binance, in any case, is not the first platform of global importance to land in Turkey, before that it was Huobi, who also opened an office in the country, following the same path and, moreover, as mentioned, Turkey it is one of the countries in which membership in cryptocurrencies among ordinary people is among the highest in the world. In the coming days, however, Zhao himself is expected in Turkey, where he will attend a conference, so he will probably have the chance to get more specific about this new opportunity during his speeches and, perhaps, to reveal some more details about the programs of growth and expansion of Binance globally.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


CryptoFarm
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