The Banking Executive Magazine - April 2024

Crypto Adoption In Turkey aim to use it as a store of value. Re- garding which cryptocurrencies peo- ple are investing in, Bitcoin leads the pack: 71 percent of investors said they own Bitcoin, while 45 percent own Ethereum and other stablecoins. Although men still are more likely to invest in crypto, young women in Turkey are increasingly investing in crypto. In Turkey, 47 percent of crypto investors between the ages 18 and 30 are female. CENTRAL BANK DIGITAL CURRENCY (CBDC) IN TURKEY The Turkish government has been ex- perimenting with a central bank dig- ital currency (CBDC) called the Digital Lira. A deep and comprehen- sive understanding of the crypto community is crucial in designing a more encompassing and account- able financial ecosystem in Turkey. As the crypto environment keeps gathering pace, understanding crypto users' actions, inclinations, and driv- ing forces across various regions are becoming increasingly essential in developing a central bank digital cur- rency (CBDC) for Turkey. OUTLOOK OF CRYPTO INDUSTRY IN TURKEY A majority of Turkish investors are optimistic about the outlook of the crypto industry in the country. Many investors in Turkey believe that crypto prices will increase in the fu- ture. Moreover, the number of crypto investors is expected to grow in the next five years, thus raising further the level of crypto adoption in Turkey and raising as well the use of crypto currency as a hedge against inflation. Turkey will continue in its endeavour to launch the Central Bank Digital Currency Digital Lira the BANKING EXECUTIVE 30 ISSUE 184 APRIL 2024