Whereas blockchain assets transfer offers significant advantages in various aspects such as scaling and registering, the efforts on the subject also continue at full speed in Turkey.
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Following up the course of blockchain technology to predict the future of cryptocurrencies provides significant clues. As the application areas of blockchain extend, new developments on the cryptocurrencies as the most prominent projects arise. One of the most remarkable examples of such developments is the fact that Turkey began to take steps in blockchain efforts.
Simone Kaslowski, the Chairman of TÜSİAD (Turkish Industry and Business Association), recently stated the following:
- “Raising awareness in Internet of things, artificial intelligence, and blockchain technologies would trigger the added value created by the industry.”
This statement was an indication of the consistent approach of TÜSİAD on the subject. On the other hand, Erol Bilecik, the former chairman of TÜSİAD, stated the following during a speech given in the previous year:
- “It is crucial to effectively understand the potential of the blockchain technology so as not to be left behind.”
It can be concluded from these statements that the business world turns to blockchain technology. In this respect, Paribu continues to take concrete steps.
As a guest in the program called “Cryptocurrency” broadcast on Bloomberg HT, Yasin Oral, the CEO of Paribu, stated that they had identified the need in this respect and therefore, they had continued their efforts to build Paribu blockchain network.
Blockchain technology offers developments in various areas such as faster and more cost-effective transfer of digital assets, carrying out first-hand easy notarization and certification procedures, storage of data and digital assets, shipment, and even voting in the elections… Pioneering efforts for the future of this technology in Turkey are also quite promising.
Needless to say, as such efforts for blockchain technology are going forward, regulation efforts by governments for the cryptocurrencies, which are the first and one of the most significant products of the blockchain, also show rapid progress.
More and more regulations are being adopted
More and more governments from all corners of the world have announced the introduction of new regulations on cryptocurrencies. It can be considered as a historic moment when countries such as South Korea and India, previously known as taking strict measures against cryptocurrencies, also introduced such regulations. Recent developments around the world are as follows:
- In France, Bitcoin began to be considered as a currency by a court order. This court order has been interpreted as cryptocurrencies are now officially recognized in France.
- In South Korea, cryptocurrencies are recognized as digital assets.
- In India, the ban on the use of cryptocurrencies has been lifted.
Turkey also prepares for blockchain and digital currencies. The Central Bank of Turkey continues its efforts in blockchain-based digital currencies in line with the 2020 Annual Presidential Program. Such efforts are a clear indication that the relevant institutions and organizations take a close interest in the subject.
CoronaCoin and trading with a virus
Needless to say, as the efforts for the regulation of cryptocurrencies are still ongoing around the world, a factor hindering some developments remains to be prevalent: Coronavirus or more precisely, COVID-19.
Coronavirus has led to the following results affecting the cryptocurrency world:
- People in China began to avoid using banknotes and coins for fear of coming in contact with the virus.
- The government of China took action and put banknotes and coins in quarantine. Recent information suggests that efforts in issuing a digital currency, which was already among the plans of China, have been accelerated.
- This trend is not limited to China. With the introduction of working from home as adopted in various countries including Turkey, the demand for online shopping has increased. Moreover, payment and shopping by cryptocurrencies or digital currencies became to be more preferable as they are considered to be more secure than cash although such currencies tend to have high volatility.
- In Italy, as one of the countries heavily affected by coronavirus, cryptocurrencies have been included in the agenda. Among the measures taken against coronavirus, Italy began to collect cryptocurrency donations.
- Volatility in the prices, which is considered to be caused by the COVID-19 pandemic, has increased the demand for stablecoins. In such cases, the users have turned to stablecoins to protect the value of their cryptocurrencies. Meanwhile, Tether (USDT) has released USDT corresponding to $500 million to the market. As a result, the total market value of USDT has exceeded $5 billion.
- While the arguments are still ongoing, coronavirus has led to the introduction of a new type of cryptocurrency into the market. The creators of CoronaCoin based on coronavirus claimed that they had introduced this cryptocurrency for providing information on the virus; however, even the mere supply of the token is far from humanitarian values as evident from the fact that the “expectations” that the token supply would increase based on the number of people deceased and the CoronaCoin price would increase based on the number of infected people were enough to dismiss the statement that a portion of the revenues would be transferred to relief organizations.
Investing in “trust”
When making a choice on cryptocurrencies, one should pay attention to trustworthy projects and reliable infrastructure. It is evident that choosing cryptocurrencies to meet certain basic and technical requirements is essential when making an investment. Such projects popping up from time to time and promising high profits do not necessarily bring any technological breakthrough and in fact, they do not offer any reliable infrastructure. From this point of view, we realize once more that robust infrastructure and reliable software should be prioritized rather than unrealistic promises for profits when making an investment.
With each day, more and more malicious individuals and groups emerge with an aim to take possession of the digital assets of the users. Such individuals sometimes claim to be a group or, in some cases, an “exchange market” to commit malicious acts.
In the article published on ParibuLog by Akar Aydemir, Paribu Business Development Director, important notes were mentioned in this subject:
“Risk management is not a child’s play. It is too risky to believe that individuals and groups, about whom we only know the wallet address and the website but we know nothing else, could manage this. The only realistic way to effectively manage your investments is possible with the right information, open data inquiries, and performance follow-up. Other paths are always full of dangers.”
It is highly critical for the users to prefer trustworthy platforms in their digital assets investments and transactions and beware of speculative structures promising high profits. For this reason, all such data and developments always lead us to the same conclusion: acting based on reliable information, following up recent developments in blockchain technology, and always investing in “trust”.
Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.
