From the beginning of the year 2020, the cryptocurrency and blockchain business has been booming. The acceptance rate of the crypto/blockchain technology around the world has been on a constant rise and there is no stopping it.
With time, the platform has gained individual-level adoption, retail lever adoption, mainstream level adoption, and now, the industry is on the verge of global adoption.
There are many countries from all over the world that are currently monitoring the situation and position of the crypto-blockchain industry. Countries are constantly looking into different aspects of adopting crypto-blockchain technology.
Some countries are adopting the technology through purchasing it on a large scale. There are countries that are acquiring cryptocurrencies through large-scale cryptocurrency mining processes. Then there are countries adopting it by launching their own central bank digital currencies (CBDCs).
Turkey is the country that is currently looking into all the options that it has in front of it. However, there are possibilities that Turkey would also be leaning towards the central bank digital currency sector.
It was back in 2020 when Turkey had revealed that it intended to jump into the cryptocurrency-blockchain sector. It announced itself being a welcoming and friendly country to the crypto-blockchain technology and its adoption.
However, the country officials did state that they were going to wait and analyze the situation before making any decisions. They had stated that they would stick with the “wait and see” policy for the crypto-blockchain adoption.
Now it seems that the country has gathered enough confidence and strength to make its move in the crypto-sector. It has been revealed by the sources that the Turkish government has now become active around the crypto-blockchain adoption.
It was on Monday, March 1, 2021, when the Finance Ministry from Turkey opened up about cryptocurrencies. The ministry was seen expressing its concerns and point of view surrounding cryptocurrencies through the Twitter platform.
The ministry revealed that it was concerned about the current situation of the crypto-blockchain industry all over the world. The ministry also revealed that it is currently in collaboration with several local regulators in regards to the same concern.
The ministry has suggested that it is currently going through all the possibilities of adopting the cryptocurrency technology. The government is working closely with the country regulators to understand the crypto-sector.
Above all things, they are concerned about the pros and cons of having the cryptocurrency industry onboard. The government wants to ensure that all the actions and technologies it adopts are for the welfare of the citizens in Turkey.
Following the tweets made by the Turkish Finance Ministry, more reports have started emerging around the government collaborations.
The sources have revealed that the central bank of Turkey, the Turkish finance ministry, and two other major regulators are currently working on adoption of the cryptocurrencies in the country.