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Turkish citizens have gradually become more interested in cryptocurrencies over the past few years as they realized the potential of trading or investing in digital assets. Millions of curious observers, however, have actually invested their savings in Bitcoin, Ethereum, and other cryptocurrencies as a result of Turkey’s ongoing economic crisis, which is getting worse by the day. The Turkish public’s growing interest in cryptocurrencies is the most recent example of their ongoing search for dependable investments. As a result, they are drawn not only to the investment potential of cryptocurrencies but also to their potential as a form of savings protection should the Turkish Lira lose more than 40% of its value in 2021.
The Turkish Lira deteriorated after the country’s central bank chief was fired, which caused a spike in the country’s cryptocurrency market. Following the central bank’s announcement that cryptocurrencies would no longer be accepted, volumes began to decline in April. Despite this, after a series of central bank interest-rate reductions in the face of skyrocketing inflation caused the lira’s value to crash, the cryptomania powered bank in the final months of 2021 with trading volumes exceeding one million per day.
Turkish investors continue to pour into the cryptocurrency market as advertisements on billboards and television programs urge more people to invest in cryptocurrencies. Let’s now examine the legality, methods of payment, and the best cryptocurrency wallet so that you can begin investing in cryptocurrencies.
Best Crypto Exchanges for Turks
Is Cryptocurrency Legal in Turkey?
Many Turkish citizens have entered the cryptocurrency markets in order to protect the value of their money and keep their purchasing power due to the Turkish Lira’s continued decline and the high rate of inflation in the Turkish economy. Due to its numerous benefits, cryptocurrency has grown to be one of the most popular choices as Turkish citizens can continue to feel confident that their money is being wisely invested.
In response to this demand, the Turkish government has established numerous regulations in an effort to regulate the rapidly expanding crypto industry. The Central Bank of the Republic of Turkey (CRBT) forbade the use of cryptocurrency assets as a payment method in legal transactions in its Regulation on Prohibiting Payments with Crypto-Assets, which represents one of the earliest attempts to legitimize cryptocurrencies.
Following the implementation of this regulation, the Financial Crimes Investigation Board (MASAK) published a manual outlining the fundamental duties of crypto-asset service providers to stop the laundering of criminal proceeds and the financing of terrorism. As a result, the Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism now classifies crypto-asset service providers as required parties. The purpose of this Regulations Guide is to prevent the use of cryptocurrencies in terrorist or criminal activities due to their decentralized and untraceable nature. This regulation was tightened in the aftermath of one of Turkey’s largest cryptocurrency scams in 2021, in which 400 thousand people were defrauded of more than $2 billion.
The Turkish government has yet to issue a concrete crypto asset regulation. Simply put, there is no law in Turkey that prohibits the use of cryptocurrency for investment purposes. Trading crypto assets or using them as payment is, however, prohibited and illegal.
Steps to Buy Cryptocurrency in Turkey
In Turkey, purchasing cryptocurrencies is a relatively simple process. There are two ways to purchase cryptocurrencies in the country:
- The first is accomplished through the use of a Bitcoin ATM,
- while the second is accomplished through an exchange on a cryptocurrency exchange platform.
See how you can do both:
There are a few Bitcoin ATMs scattered throughout Turkey that allow you to deposit or buy Bitcoin and other cryptocurrencies using an automated teller machine. To buy Bitcoin, all you need is your crypto wallet, some cash, and a teller machine at one of these specialized ATMs. Simply locate the nearest Bitcoin ATM and proceed as follows, using cash and the QR code from your cryptocurrency wallet:
Login your crypto wallet information, and scan your wallet’s QR code with the ATM’s camera.
Select Bitcoin (BTC) or any other cryptocurrency from the machine's touch screen. Input the necessary information, review it, then confirm your purchase.
Feed your money in the machine. Examine both the total cost of the purchase and the service charge.
Wait for the Bitcoins to appear in your crypto wallet after the confirmation.
Utilizing cryptocurrency exchange platforms is the second and most practical choice. These are web-based platforms that let you manage your cryptocurrency assets from the convenience of your home, including deposits, withdrawals, investments, trading, and management. The majority of Turkish investors favor some of the well-known exchanges like LocalBitcoins, Binance, Crypto.com, and Pepperstone.
Let’s begin by opening a desktop or laptop that is online and beginning to buy some cryptocurrencies.
Let's begin by opening a desktop or laptop that is online and beginning to buy some cryptocurrencies.
Your cryptocurrency exchange account can be funded with fiat money or by connecting it to a bank account, an e-wallet, or a debit card. You can buy any cryptocurrency in your account using this.
Find the cryptocurrency you want to buy in the market, such as Bitcoin (BTC), by doing a search. After choosing it, choose Buy.
Input all pertinent details, including the cost of the purchase and the method of payment. Review the transaction, then give it your approval. You are now done.
Best Bitcoin Wallets for Turkey
There are many top-notch wallets available, ranging from online hot wallets to offline cold wallets, if you’re looking for the best cryptocurrency wallet in Turkey.
The best hardware wallet for holding cryptocurrency assets is the Ledger Nano X, which has proven to be a wise investment. This cold wallet enables offline storage of your private keys and other cryptographic assets, which is more important than secure online storage. The majority of Ledger wallets support more than 1,200 cryptographic assets, including coins and tokens, and they are all among the safest.
The Coinbase Wallet is a good choice if you’re looking for something more reasonably priced. It is an affordable, straightforward, simple to maintain, and most importantly, secure way to store your NFTs and cryptocurrencies. You are able to buy, sell, and take ownership of your own crypto assets on your Android or iOS devices. Additionally, there are almost no ongoing maintenance expenses.
Other well-liked options for great cryptocurrency wallets include Electrum, Exodus, and Trust Wallet.
Frequently Asked Questions
If you use the right cryptocurrency exchange and the right credit card, buying cryptocurrencies with a credit card is feasible. Make sure before you buy, since only a select few credit card providers permit the purchase of cryptographic assets. The next step is to find a cryptocurrency exchange that permits credit card payments. Turkish cryptocurrency exchanges Bitpanda and Coinbase both support this.
You need to connect your credit card to your cryptocurrency exchange account in order to purchase cryptocurrency using that card. You can then learn how to buy cryptocurrencies on an exchange by simply following the instructions in this article.