According to one of the surveys conducted by “Statistica” for the year 2019, 20% of Turkish residents are familiar with cryptocurrencies, which is the highest percentage of any other country in the world according to Source.

Recently, Turkish President Recep Tayyip Erdogan announced that the test of the digital lira is expected to be completed in 2020 and this is likely to contribute to a further increase in crypto adoption.

The Turkish government was initially reluctant to embrace digital assets until it found its people interested in it and seeing it as useful.

A 2015 survey by ING found that 45% of Turks believe digital currencies like bitcoin are the future of online commerce.

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This was the highest in Europe as it exceeded the estimated average of 28%.

This high acceptance of crypto by Turkish citizens indicates that they are more comfortable using mobile devices for financial transactions.

The same survey showed that 56% of Turks have used mobile payment apps compared to the European average of 33%.

Turkey’s online payment sector was ready to adopt cryptocurrencies, but the first opportunity came only when PayPal was banned in the country after the banking regulation and supervision license was refused.

A report issued by Cointelegraph stated that the use of cryptocurrencies in the country has risen to unprecedented levels to fill the online payment space.

Barış Özistek – head of venture capital fund Boğaziçi Ventures and head of game publisher Netmarble EMEA – attributed the high adoption of cryptocurrencies to the country’s massive gaming market.

He said:

There are more than 30 million active players in Turkey.

The gaming sector is an area where virtual equipment and digital currencies are used for the first time and are commonly used.

He added:

Turkish users already know that virtual items increase in value when supply and demand are created in the markets, or depending on their popularity, their value may decrease.

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That is why Turkish users of cryptocurrency have adapted quickly and easily.

Of course, a high percentage of digitally literate people among the Turkish users were acquainted with the trade.

In our historical past, factors contributed to this situation.

Read also:

Turkey is preparing to test its digital currency (lira) next year

Crypto in 2020: What will market watchers and regulators bring next year?