Crypto fever grips Turkey despite risks, new regulations
Turkish citizens are increasingly investing in cryptocurrencies to shelter savings from the volatile Turkish lira and possibly make profits on the side, a trend that has led to both increased risks and increased government regulations.
ISTANBUL — Once ridiculed for his enthusiasm for cryptocurrencies, Cihan Azboy, a shopkeeper in Turkey’s southeastern province of Batman, says everyone is now asking him how to invest in fast-growing and sometimes risky crypto exchanges.
The queries reflect a rising national interest in digital currencies, best visualized by a recent spike in crypto-related Google searches, particularly in Azboy’s region, where job prospects and income levels are lower than in western Turkish provinces.
After making initial gains in trading, Azboy started mining cryptocurrencies about five months ago, and his profits soon caught the attention of neighbors and family members, most of whom he says have since invested in cryptocurrency exchanges.
“The only people I know that are not investing are religious and say it’s haram,” Azboy told Al-Monitor. “In response, I ask them where it says no cryptocurrencies in the Quran, and they can’t show me.”
