A recent survey indicates that Turkey is one of the leading states in the world in terms of the adoption of cryptocurrencies, even though the country does not have a well-defined legal framework for the purchase and sale of these assets.
Hamburg-based data analyst Statista has revealed that one in five Turks reported using or owning cryptocurrencies.
Details of the Statista analysis
The analysis was conducted through various online surveys on samples of at least one thousand individuals from each country analysed.
The figure, rather significant, could be related to the devaluation of the fiat currency of the country and the economic problems of the state.
These two factors may have led to Turkey experiencing a greater adoption of cryptocurrencies as a means of financial coverage on the part of many investors.
According to the survey, the region of the world where most of crypto users are located would be Latin America. In fact, countries such as Brazil, Colombia, Argentina, Mexico and Chile are in the lead.
Spain would be the country with the highest adoption rate in the whole of Europe.
Finally, Japan is the country with the lowest number of people (3%) who claim to have owned or used cryptocurrencies.
Crisis of the Turkish lira
Turkey’s focus on cryptocurrencies began to grow after the country’s economic crisis in 2018. From that year on, the national currency, the Turkish lira, depreciated to record highs against the US dollar.
The savings of millions of Turks have been heavily devalued by the financial crisis, with pensions and investments seriously affected.
As a result, thanks to the excellent returns over the past year, Turkish investors increasingly see cryptocurrencies as a more secure store of value compared to their national currency.
In addition, Turkey is developing a digital currency issued by its central bank with the prospect of launching it in 2023.