BTSE Exchange Lists Turkish Stablecoin, BiLira, While Turkey’s Economy Is Struggling
BTSE, British Virgin Islands-based cryptocurrency futures and OTC exchange has added support for digital Lira, the Turkish stablecoin also known as BiLira (TRYB).
BiLira is currently paired against USDT and would be available for trading on BTSE’s spot market. TRYB has become the 19th currency to be available for trading on the exchange.
The listing comes just as the Turkish economy has been experiencing a crisis; with the value of the national fiat falling to an all-time low against the US Dollar. The introduction of a digital fiat would make it easier for Turkish users to make cross-border payments with real-time settlements and low remittance fees.
Amid the growing financial unrest in Turkey, cryptocurrencies have found a high level of acceptance in the country. It has been a growing theme around the world that countries with troubled economies have looked towards crypto for an alternative.
Jonathan Leong, the CEO and co-founder of BTSE explained that the Turkish market has had quite a positive outlook towards crypto and since their entry in the country early this year, they have garnered a strong and growing community. Long also noted that the decision to list TRYB was prompted by huge community demand for the same.
Turkey Has Great Potential For Crypto Adoption
BiLira’s co-founder Vidal Artditi emphasised that Turkey has the potential to become a blockchain and cryptocurrency hub. Especially since the Turkish community has a high crypto literacy rate, with those not only understanding how crypto and blockchain functions, but also the importance of it in the current financial scenario. He cited further that Turkish citizens are known for hedging risk and trading crypto with high adoption rates.
Artditi also claimed that trading is a cultural phenomenon in Turkey and thus it aligns well with the idea of blockchain and crypto. Given mobile phone usage is in excess of 90% in the country, which could prove to be a driving force in crypto usage and adoption, Turkey has everything it needs to become a hub for crypto adoption.
Artditi also asserted that they are not interested in creating any sort of bubble and are true believers in the principle of cryptocurrencies. He explained:
“We're not here to create a bubble. We're here to create real use cases, which is why we've set up our system and our platform in a way that people can buy up to 100,000 euro per month without paying even a lira on commissions. It's to be able to make it as easily accessible, even if it's going to be damaging financially to our company in the short term. Just to make sure we highlight the value proposition of this product and how it can really change the lives of these people.”
In the past couple of years, cryptocurrencies have found more traction from countries where the economy is struggling for various reasons, be it hyperinflation like in Venezuela or trade sanctions imposed in Israel. Even African countries where poverty rates are quite high with a majority of the population being underbanked, crypto has emerged as a financial bridge.