Turkish Lira becomes top crypto trading pair on Binance in Sept 2023
The Turkish Lira (TRY) became the most dominant fiat trading pair on Binance in the month of September, according to the crypto exchange’s research.
Turkish Lira accounted for 75% of all fiat volume in early September despite being the fourth-largest crypto market globally in terms of transaction volume after the United States, India and the United Kingdom, respectively.
The TRY trading pair boom can be tied to the recent influx of crypto investors in the Turkish market. 27% of the participants in Binance’s research started their journeys as crypto investors within the last year, out of which 8% joined in the last six months.
Most respondents hold up to $175 (5,000 TRY) in cryptocurrencies and prefer investing heavily in real estate. As shown below, the profitability factor is one of the biggest reasons for Turkey’s interest in crypto. Ease of monitoring, no minimum threshold and low transaction costs remain some of the notable drivers for new investors. The inherent risks associated with crypto contribute to the reluctance of many Turkish investors.
Over the last three years, crypto adoption in Turkey increased from 16% to 40%, and the country is ranked 12th on Chainalysis’ Global Crypto Adoption Index 2023. Turkey also received humanitarian aid in crypto during the 2023 earthquake.
Related: Binance launches Web3 wallet for its 150M registered users
While crypto adoption in Turkey shows no signs of slowing, the nation is reportedly drafting fresh regulations to govern crypto assets in its efforts to convince the Financial Action Task Force (FATF) to remove it from its “gray list.”
Back when the FATF placed Turkey on its gray list in 2021, Turkish Finance Minister Mehmet Simsek had clarified that Turkey adhered to all but one of the 40 standards set by the watchdog — that was related to dealing with cryptocurrencies.
Simsek cited plans to propose a crypto assets law to parliament to exit the gray list but did not specify the legal changes.
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Kenya is preparing legislation to regulate cryptocurrencies with a draft proposal open for public feedback until Jan. 24.
According to the US Department of Justice, Wolf Capital’s co-founder has pleaded guilty to wire fraud conspiracy for luring 2,800 crypto investors into a Ponzi scheme.
Making Britain better off will be “at the forefront of the chancellor’s mind” during her visit to China, the Treasury has said amid controversy over the trip.
Rachel Reeves flew out on Friday after ignoring calls from opposition parties to cancel the long-planned venture because of market turmoil at home.
The past week has seen a drop in the pound and an increase in government borrowing costs, which has fuelled speculation of more spending cuts or tax rises.
The Tories have accused the chancellor of having “fled to China” rather than explain how she will fix the UK’s flatlining economy, while the Liberal Democrats say she should stay in Britain and announce a “plan B” to address market volatility.
However, Ms Reeves has rejected calls to cancel the visit, writing in The Times on Friday night that choosing not to engage with China is “no choice at all”.
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The chancellor will be accompanied by Bank of England governor Andrew Bailey and other senior executives.
She will meet with her counterpart, Vice Premier He Lifeng, in Beijing on Saturday to discuss financial services, trade and investment.
She will also “raise difficult issues”, including Chinese firms supporting Russia’s invasion of Ukraine and concerns over constraints on rights and freedoms in Hong Kong, the Treasury said.
But it did not mention whether Ms Reeves would raise the treatment of the Uyghur community, which Downing Street said Foreign Secretary David Lammy would do during his visit last year.
Britain’s Foreign Secretary David Lammy and Chinese Foreign Minister Wang Yi in Beijing. Pic: AP
On Friday, Culture Secretary Lisa Nandy defended the trip, telling Sky News that the climbing cost of government borrowing was a “global trend” that had affected many countries, “most notably the United States”.
“We are still on track to be the fastest growing economy, according to the OECD [Organisation for Economic Co-operation and Development] in Europe,” she told Anna Jones on Sky News Breakfast.
“China is the second-largest economy, and what China does has the biggest impact on people from Stockton to Sunderland, right across the UK, and it’s absolutely essential that we have a relationship with them.”
Read more – Ed Conway analysis: The chancellor’s gamble with China
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Nandy defends Reeves’ trip to China
However, former prime minister Boris Johnson said Ms Reeves had “been rumbled” and said she should “make her way to HR and collect her P45 – or stay in China”.
While in the country’s capital, Ms Reeves will also visit British bike brand Brompton’s flagship store, which relies heavily on exports to China, before heading to Shanghai for talks with representatives across British and Chinese businesses.
It is the first UK-China Economic and Financial Dialogue (EFD) since 2019, building on the Labour government’s plan for a “pragmatic” policy with the world’s second-largest economy.
Sir Keir Starmer was the first British prime minister to meet with China’s President Xi Jinping in six years at the G20 summit in Brazil last autumn.
Relations between the UK and China have become strained over the last decade as the Conservative government spoke out against human rights abuses and concerns grew over national security risks.
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How much do we trade with China?
Navigating this has proved tricky given China is the UK’s fourth largest single trading partner, with a trade relationship worth almost £113bn and exports to China supporting over 455,000 jobs in the UK in 2020, according to the government.
During the Tories’ 14 years in office, the approach varied dramatically from the “golden era” under David Cameron to hawkish aggression under Liz Truss, while Rishi Sunak vowed to be “robust” but resisted pressure from his own party to brand China a threat.
The Treasury said a stable relationship with China would support economic growth and that “making working people across Britain secure and better off is at the forefront of the chancellor’s mind”.
Ahead of her visit, Ms Reeves said: “By finding common ground on trade and investment, while being candid about our differences and upholding national security as the first duty of this government, we can build a long-term economic relationship with China that works in the national interest.”
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