BTSE, an over-the-counter futures cryptoexchange incorporated the Turkish stablecoin called BiLibra (TRYB), which can now be traded with Tether (USDT) in the BTSE spot markets.
Cointelegraph spoke with BiLira and BTSE to learn more about what this launch means for Turkey’s burgeoning cryptomoney industry.
BTSE co-founder and CEO Jonathan Leong said the new tool „allows Turkish users to facilitate lower rates through remittances as well as instant settlement times for TRYB users.
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Leong told Cointelegraph that BTSE entered the Turkish market earlier this year, saying the exchange has reaped „a strong and growing community in Turkey.
He also noted „an increase in demand for trading options on the Turkish lira,“ which prompted the decision to launch stablecoin TRYB.
BiLira is the 19th cryptoactive that Bitcoin Evolution / The News Spy / Bitcoin Revolution / Immediate Edge / Bitcoin Code / Bitcoin Profit / Bitcoin Billionaire / Bitcoin Circuit / Bitcoin Era / Bitcoin Trader has incorporated into its platform.
Turkey is ready to adopt crypto currencies
In an interview with Cointelegraph, Vidal Artditi, BiLira’s chief operating officer, predicted that Turkey will become a leading jurisdiction within the global blockchain industry, emphasizing the high levels of education and adoption of cryptomonies by the general population.
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As an anecdote, he reports that citizens in Turkey predominantly use cryptoactives for trading and hedging purposes. Arditi says that trading is a fundamental part of Turkish culture, stating that „the cultural nuances of [Turkey] really do fit in with blockchain and cryptomonies.
„People use QR codes and mobile banking applications for almost anything,“ he added.
„We’re not here to create a bubble.
Despite emphasizing Turkey’s strong trade traditions, Artditi emphasized that BiLira „is not here to create speculation“
„We’re not here to create a speculative bubble. We’re here to create real use cases, so we’ve set up our system and our platform so that people can buy up to 100,000 euros a month without paying a lira in commissions,“ he said.
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„It’s being able to make it easily accessible, even if it’s going to be detrimental to our company in the short term. Just to make sure we believe in the value of this product and how it can really change people’s lives.
„There are many immigrants in the country who send remittances every week to their families in different countries. There are people who don’t necessarily have a bank account where they could transfer [this] cryptomoney in just a few clicks,“ Artditi added.