Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Cryptocurrency

28 Jan 2022

Turkey’s President Embraces Cryptocurrency and the Metaverse

The Index Today

Recep Tayyip Erdoğan, president of Turkey, is turning into cryptocurrencies, as the national lira has been experiencing a downfall for the last few years. Turkey’s high inflation is affecting Turkey, and cryptocurrency analysts believe that Bitcoin could help solve the country’s long issues against high inflation.

Reports say that recently, Erdoğan had a meeting with El Salvador’s president Bukele to discuss the potential implementation of cryptocurrencies. Being against digital assets for a while and even banning crypto in the country, the Turkish leader now instructed his AK party members to research blockchain and cryptocurrency. The Central Bank of Turkey however used to claim before that crypto could cause permanent damage and user risks.

Turkish investors also believe in the metaverse and have put money into the virtual land. Istanbul has reportedly having over 11,000 lots in the metaverse that include the city’s iconic streets and trendy neighborhoods. Prices ranging from $15 – 40 to have a piece of Istanbul in the virtual world. Earlier in January, the Turkish government held a meeting in the metaverse to discuss the upcoming crypto regulation.

Grand National Assembly of Turkey chairman Mustafa Elitaş said, “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives.”

Clay pottery with table linens