Turkey’s President Embraces Cryptocurrency and the Metaverse

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.”