As the crypto markets are in crisis, the Turks plan to create a leading blockchain ecosystem in Turkey. The bear market is, according to experts, a good time to develop the sector. Let’s see together what are the plans to get there.
Turkey, already a pioneer in crypto currencies
The Turkish crypto ecosystem wants to develop and more particularly in Istanbul. “The bear market is an opportunity to build“according to experts in digital asset analysis. Turkey wants to create its business center so that it becomes the center of the global hype around Ethereum.
Turkey is one of the most active countries when it comes to crypto and blockchain. But its interest goes beyond market fluctuations. Along with a huge base of crypto investors, the local community is made up of college clubs, Web3 startups, blockchain developers, and academics. The country has hosted important events such as ETHIstanbul, Blockchain Economy Istanbul and Istanbul Blockchain Week. However, the Ottoman country does not intend to stop there and wants to develop this kind of event even more.
A study by Chainalysis reported that out of $566 billion in transaction volume in the Middle East and North Africa (MENA) region, nearly 40% went to Turkey. This volume was calculated between July 2021 and August 2022.
A driving inflation rate for crypto-currencies
Turkish economist Erkan Öz explains why a high inflation rate is important for cryptos:
“A lot of people think that they can no longer buy a car or a house within the traditional financial system. This is why the interest in crypto-assets is increasing every day.”
Nonetheless, he noted that crypto adoption has yet to be fully embraced by blockchain startups or projects. This is because there is no sound regulation to meet the needs of the crypto ecosystem. “Turkey should establish a legal infrastructure that will both protect investors and support blockchain and crypto-assets as soon as possible,” Öz added.
Despite the rapid growth in cryptocurrency adoption, Turkey still lags behind in terms of startups and developers. According to Turan Sert, author of two Turkish books on blockchain and decentralized finance (DeFi):
“We started late, but we are growing fast. The main reason for this is student clubs – the success of student clubs abroad and their resonance in Turkey.”
Sert explains that the success of crypto and blockchain-focused student clubs at foreign events has had a big impact and contributed to the increase in the number of developers in Turkey.
DevCon 7 in Turkey?
The thriving local crypto ecosystem has a new ambition: to bring DevCon 7 back to Turkey. The Bitcoin community has allied itself with the troops of the “Shibarmy”. DevCon 7 is the largest conference in the Ethereum community, which would be a big publicity stunt for Turkey. Backed by key local figures, the movement achieved massive traction in a short time.
Today, if you check the Twitter accounts of the big names in the Turkish ecosystem, you will see the phrase #DevconIstanbul next to their name. The initiative is both on the web, but also in the real world. The latest example being the ETHIstanbul After Merge Party.
Some users humorously promoted Turkey’s qualities for the conference. As below where a user praises the merits of Turkish culinary specialties.
After several postponements, DevCon 6 will be held this year in Bogota, from October 11-14. Tansel Kaya, student at Kadir Has University and CEO of Mindstone, stresses the importance of bringing the event to Turkey for talented students who do not have the opportunity to participate in such events.
“We want our software developers and student communities in Turkey to meet the names of DevCon events, but it’s not always easy to travel abroad,” says Kaya, adding, “If we can’t not go out, we have to bring them here”. Indeed, there are personalities like Vitalik Buterin or Aya Miyaguchi who can be very inspiring for young university students.