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Turkey’s President Embraces Cryptocurrency and the Metaverse

The president of Turkey, Recep Tayyip Erdoğan, is turning more in favor for cryptocurrencies with the national lira experiencing heavy downfall over the last few years. Turkey’s high inflation has caused significant disruption to the country, and cryptocurrency analysts believe that Bitcoin could help solve the country’s prolonged issues with inflation.

Erdoğan recently had a meeting with El Salvador’s president Nayib Bukele to discuss the potential of cryptocurrencies. Though he has historically been against digital assets, even banning crypto in the country, the Turkish leader has instructed AK party members to research blockchain and cryptocurrency. The Central Bank of Turkey had previously claimed that crypto could cause permanent damage to the economy and posed huge user risks.

From a personal user perspective, Turkish investors seem to believe in the metaverse and have put significant amounts of money into virtual land. Istanbul has over 11,000 lots in the metaverse that include the city’s iconic streets and trendy neighborhoods. Prices range from $15 – 40 to snag a piece of Istanbul in the virtual world. Earlier in January, the Turkish government held a meeting in the metaverse to discuss upcoming crypto regulations.

“I believe that metaverse-based meetings will be improved expeditiously and become an essential part of our lives,”

Grand National Assembly of Turkey chairman Mustafa Elitaş said.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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