Crypto and NFTs meet regulation as Turkey takes on the digital future

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Crypto has long been lauded as a hedge against opportunity, and those concerns are helping fuel its growth in Turkey. International tax attorney sozelli analyzes cryptocurrency's potential in the country.

, the world’s second-largest Bitcoin mining hub, which led to the country’s government being sacked and internet services shut down, leaving an estimated 13% of the world’s Bitcoin mining operations offline.The third event was the rapid worldwide spread of the Omicron variant of COVID-19, which wreaked havoc on long-term social and economic development by leaving millions sick and inundating healthcare systems that were already buckling under the cumulative toll of every previous surge.

While Satoshi Nakamoto is credited with designing the first cryptocurrency, it was actually Turkish-American— CEO of Ava Labs, professor at Cornell University and co-director of the Initiative for Cryptocurrencies and Smart Contracts — who designed the first in 2003, six years before the launch of Bitcoin. Named “Karma,” it was based on a proof-of-work protocol.

Sirer continued: “Much of the inertia that climate activists have faced is from incumbents who wield far too much power. Decentralizing their power and putting more economic control in the hands of individuals, rather than institutions, is an incredible step forward. Momentum toward mass adoption of decentralized services continues to accelerate, and users are also witnessing that high performance and eco-friendliness of a blockchain platform are not enemies.

Cointelegraph Turkey’s Kahraman explained to me that “Turkey's digital banking, or ‘fintech,’ industry is already miles ahead of many regions across the world in terms of adoption and technologies used. Local banks are offering a myriad of digital services to their customers. Cashless payments are already above 50% of all transactions, per PwC’s 2020 payments research.” He added:

 

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