Cryptocurrencies are becoming more widely discussed – and regulated – in a broad range of countries, including Turkey. A few months ago, the country announced plans to implement a central bank digital currency based on blockchain technology. Huobi, one of the more popular cryptocurrency exchanges, is looking to strengthen its already strong Turkish presence. CryptoPotato recently had the chance to conduct an exclusive interview with the exchange’s CEO Livio Weng.
Cryptocurrencies in Turkey
According to the 2019 Statista Global Consumer Survey, cryptocurrency is most commonly owned in Turkey. Reportedly, 20% of people there have exposure to digital assets.
This doesn’t really come as a surprise, given that the government’s Eleventh Development Plan, which outlines policies geared toward improving the country’s economy through 2023, aims to develop and implement a central bank digital currency based on blockchain technology.
In addition, the document outlines technology and legal infrastructure improvements meant to support blockchain technology for both transport and customs purposes.
It’s no wonder, then, that major cryptocurrency exchanges are turning their sights to the region, and so far Huobi seems to have done the best job.
Tomorrow, October 18th, the exchange will host the Eurasia Blockchain Summit. CryptoPotato got the chance to interview Livio Weng, CEO of Huobi Global, in advance of the event.
According to Weng, the goal 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 population owning cryptocurrency, and we have already established a local team heading up the community, customer service, and business development efforts on the ground.”He added:
“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 DLT as priorities for the coming years.”
But It’s Not Just Turkey
Huobi’s presence is expanding not only in Turkey, but in other important markets as well. Argentina, for one.
Huobi has beaten Binance in this market, and its CEO noted that markets of the kind will play an important role in regulating and standardizing the industry in the coming years.
“As a world-leading blockchain company, we have a responsibility to advance blockchain development and cryptocurrency adoption in high-potential markets like Argentina across 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 noted that Huobi’s experience in the market allows it to participate in the future of blockchain “by supporting these regions in their critical development periods.”
Interestingly enough, CryptoPotato recently conducted an interview with Gustav Arentoft of MakerDAO, who agreed that blockchain-based technology, especially DeFi, could provide an alternative to fiat currencies in economically troubled markets such as Argentina.