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The topic of cryptocurrencies is becoming widely discussed amid higher regulatory circles in a broad range of different countries. Turkey, for once, is among them. A few months ago the country announced plans to implement a central bank digital currency based on blockchain technology. With a strong presence in the region, Huobi, one of the most popular cryptocurrency exchanges, is looking to strengthen its stance. Cryptopotato had the chance to do an exclusive interview with the exchange’s Chief Financial Officer, Chris Lee.
Cryptocurrencies In Turkey
According to a 2019 online poll Statista Global Consumer Survey, cryptocurrency is most commonly owned in Turkey. Reportedly, 20% of people have exposure to digital assets.
This doesn’t really come as a surprise, given that the government itself published its Eleventh Development Plan, covering the period between 2019 and 2023. Per the document which outlines policies geared at improving the country’s economy, it aims to develop and implement a central bank digital currency based on blockchain technology throughout this period.
In addition, the document also suggests that technology and legal infrastructure will be tailored by the government itself in order to use blockchain for both transport and customs purposes.
With this said, it’s no wonder that major cryptocurrency exchanges are turning their sights to the region and so far Huobi seems to have done the better job.
Tomorrow, October 18th, the exchange is hosting the Eurasia Blockchain Summit. Cryptopotato got the chance to interview Chris Lee, CFO at Huobi, who provided his thoughts on the matter.
According to him, the goal of Huobi is to invite the community to “join in conversations long overdue for the Turkish market. Turkey is leading Europe’s cryptocurrency adoption trend with around 20% of its populace owning cryptocurrency and we have already established a local team heading up the community, customer service, and business development efforts on the ground.”
Adding to this, he said:
“The Eurasia Blockchain Summit is an important event for Huobi, just as Turkey has been a key market for us this year. This event stood out as the first major blockchain gathering in a region already thriving with blockchain technology and enthusiasts. Just last month, The Turkish Ministry of Industry and Technology emphasized the development of blockchain and DOLT as priorities for the coming years.”
But It’s Not Just Turkey
Huobi’s presence is not only improving in Turkey but in other important markets as well, Argentina being one of them.
Huobi has beaten Binance in this market and its CFO noted that markets of the kind will play an important role in regulating and standardizing the industry in the following years.
“As a world-leading blockchain company, we have a responsibility to advance blockchain development and cryptocurrency adoption in high potential markets like Argentina cross the world. Regions like Argentina, with wide acceptance and friendliness toward cryptocurrency, will play very important roles in regulating and standardizing the blockchain industry in the years to come.”
He also outlined Huobi’s experience in the market allows it to participate in the global future “for blockchain by supporting these regions in their critical development periods.”
Interestingly enough, Cryptopotato recently did an interview with Gustav Arentoft from MakerDAO, who also shared the sentiment that blockchain-based technology, especially DeFi, could provide an alternative to fiat currencies in economically-troubled markets such as Argentina.