This week in Crypto: Turkey’s Rise to the Top of Global Crypto Adopters, Yahoo Finance adds the Crypto Prices of CoinMarketCap to its website and US Federal Reserve is Exploring Digital Dollar
Turkey’s Rise to the Top of Global Crypto Adopters
Statistica's Global Consumer Survey for 2019 shows that 20% of Turkish residents are acquainted with crypto and have been exposed to it, which is the highest proportion of all the countries in the world.
A survey from ING from April 2015 found that 45% of Turkish people believed that digital currencies such as Bitcoin (BTC) were the future of online spending, which is the highest percentage for all the European countries surveyed. This shows that Turkish people largely use mobile devices for financial activities. The high adoption of crypto is also attributed to the advanced gaming market of the country.
Turkey’s political situation for the past decade has been unstable, due to the relationship with neighbors Iraq and Syria. The relationship with Russia and the United States hasn’t been great either. This made lira one of the most volatile national currencies. Other examples of economically affected countries that adopted crypto are Venezuela, Iran and Zimbabwe.
President Recep Tayyip Erdoğan recently announced that testing of the digital lira should be finalized in 2020 and Turkey’s Ministry of Industry and Technology announced plans to establish a national blockchain infrastructure. Crypto owners plan to use the digital money as long term investments as well as actively making transactions. Turkey’s vision is to make Istanbul a global financial center.
Yahoo Finance adds the Crypto Prices of CoinMarketCap to its Website
Yahoo Finance is partnering with CoinMarketCap, the largest crypto data provider, to provide cryptocurrency information and news to the broader market. With over 3.5 billion monthly visitors this could significantly increase the visibility of Bitcoin and other altcoins.
The website also lets visitors monitor major cryptocurrencies prices, including market capitalization, size of the trade, supply circulation, etc. The cryptocurrency screener site shows a total of 118 digital currencies, including major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Tether (USDT) and others.
CMC will also provide educational information to improve the adoption of crypto markets on Yahoo Finance, so the regular newsletter and blog of CMC will be incorporated into the news stream.
As cryptocurrencies struggle to gain validation of the general public, this could play a part in greater adoption and incorporation of crypto in the average investment portfolio.
US Federal Reserve is Exploring Digital Dollar
The US has up until now held a cautious attitude towards cryptocurrencies. However, it looks as if that could change since the Federal Reserve System is supposedly investigating a central bank digital currency.
The news came during a recent exchange with the Federal Reserve Board Chairman, Jerome Powell. According to him, the Federal Reserve is supposedly looking into potentially launching a central bank digital currency (a cryptocurrency under the control of a central bank).
This initiative could lay the groundwork for a “digital dollar”. Powell also notes that there are some potential issues to issuing a CBDC. First, this kind of a “digital dollar” would need to answer a number of legal uncertainties.
China has also been previously looking into launching a CBDC. Chinese sources even recently said that “America will fall behind” in the cryptocurrency industry.
Central bank digital currencies have come into focus since Facebook announced the Libra project. Although they were theoretically pioneered by Venezuela with their national crypto currency Petro, their project never took off. However with the arrival of Libra, there have already been several governments that have been exploring these options.