The CEO of Binance has commended Turkey’s desire and enthusiasm in crypto as the country gets ready to create its own state-issued digital currency. Changpeng Zhao stated that, Turkey could head financial technology developments with this initiative.

Lately, Turkey has provided a warm reception to crypto, since the country eagerly wants to replace their fiat currency. Lira’s poor performance together with the major debt crises in 2018 could be a major cause of this action. A study revealed that about 20 percent of the population in Turkey had used or currently owned cryptocurrencies.

With the organic growth in interest in crypto in Turkey, the enthusiasm for the reception of the digital currency is expected to be amazing. Since there is no proof that Digital Lira’s monetary policy will be handled differently from the state’s current fiat currency, it’s difficult to think the public would want to use it. This is because; these presumable issues with Lira were the reasons why about 20% of the population explored alternative currencies earlier.

The Turkish Government announced earlier this month that it may be prepared to issue its own digital currency by the end of 2020. Despite the state-issued option being on its way, Binance still sees the region as a buoyant market for crypto. The exchange has recently announced a crypto-fiat gateway which allows its users in Turkey to purchase some cryptocurrencies using Lira. This service came to light by the partnership between Binance and Turkey-based payment firm, Papara.

Featured image courtesy of Shutterstock