Key Takeaways:
- BtcTurk CEO Ozgur Guneri steps down after 7 years; founder Kerem Tibuk to succeed him.
- Leadership change aligns with BtcTurk’s expansion into Africa, Asia-Pacific, and Latin America.
- Turkey sees high cryptocurrency adoption amid Lira’s inflation, with significant usage of stablecoins and development of a CBDC.
Ozgur Guneri, CEO of Turkish cryptocurrency exchange BtcTurk, has stepped down after seven years in the role but will remain on the company’s board of directors.
BtcTurk founder Kerem Tibuk will succeed him as CEO.
The head of Turkey’s biggest cryptocurrency exchange, BtcTurk, is stepping down after seven years at the helm, as the firm plans an expansion abroad. https://t.co/EJl0i7UZkk
— Bloomberg Economics (@economics) July 18, 2024
This leadership change aligns with BtcTurk’s expansion plans into Africa, the Asia-Pacific region, and Latin America.
Cryptocurrencies have become increasingly popular in Turkey due to the high inflation rate of the Turkish Lira.
Despite Bitcoin’s lower price against the US dollar in late 2023, it reached record highs against several inflation-stricken currencies, including the Turkish Lira.
Turkey has the highest usage of dollar-pegged stablecoins relative to its GDP, reflecting a populace seeking stability amid economic uncertainty.
Additionally, the Turkish central bank is progressing with the development of a central bank digital currency (CBDC), although it will not resolve the fundamental inflation issues of the Lira.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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