When Nayib Bukele made his trip to Turkey to visit Tayyip Erdoğan, there was speculation as to whether the visit carried with it the potential adoption of Bitcoin as a legal means of payment in the country. No official information reveals this, but Erdoğan himself took a significant interest in the Metaverse space moments later.
Is Turkey next in line to adopt crypto?
Turkish President Recep Tayyip Erdoğan has instructed his country’s ruling AK Party, to conduct research in favor of blockchain technology, and the Metaverse sector at that. Erdoğan suggested that the study should cover a very wide scope, by which cryptocurrencies are to be included in it, along with social media. He proposed organizing an online forum on the issue, which he himself intends to participate in.
Representatives of the party very quickly went from word to matter, making it Monday, January 17, already organized the first meeting, which took place in the Metaverse space. It was attended by AK Party Information and Communication Technologies chairman Ömer İleri, as well as AK Party group vice chairmen Mustafa Elitaş and Mahir Ünal. They all unanimously came to the conclusion, later presented to the state news agency, that cryptocurrencies need to be regulated both financially and legally.
During the conference, İleri said:
“As blockchain technology has enabled digital ownership, Turkey has accelerated its efforts on Metaverse. Metaverse is open to development in virtual reality, product management and innovative business models.”
A sudden turnaround?
It’s not a well-known fact that Turkey isn’t one of the countries best positioned for the cryptocurrency market. While inflation in the Middle Eastern country is rising rapidly, Turks are massively exchanging their Lira for virtual assets. However, in the meantime, the government has banned them from using Bitcoin and other cryptocurrencies as means of payment. At one time crypto in Turkey was gaining popularity in this regard. Naturally, the enthusiasm of sellers and consumers has been cooled down. Nevertheless, it is still possible to buy and own cryptocurrencies. So, did the visit of Salvadoran President Nayib Bukele change the Turkish government’s perception of Bitcoin? There are many indications to that effect, although much is still unknown.