Tether and BTguru Sign MoU to Expand Crypto Education in Turkey
Tether, the issuer of the USDT stablecoin, has signed a memorandum of understanding (MoU) with the Turkish cryptocurrency firm BTguru.
The agreement aims to promote crypto and blockchain knowledge in Turkey. Announced on July 2, this partnership will explore the development of educational programs to inform private and public stakeholders in Turkey about the benefits of digital assets and blockchain technology.
BTguru, specializing in virtual crypto assets for banks, will use its connections to facilitate discussions with financial institutions. This collaboration will examine real-world asset tokenization use cases and evaluate regional payment network scenarios.
Educational Initiatives and P2P Technology
As part of the MoU, Tether and BTguru will promote peer-to-peer (P2P) technology. The firms aim to foster discussions with Turkish financial institutions about the advantages of P2P systems. Paolo Ardoino, CEO of Tether, emphasized the importance of this partnership in promoting the responsible and informed use of digital assets in Turkey.
“We are excited to be part of a movement that could promote freedom and educate people across Türkiye,” Ardoino stated.
BTguru partner Can Bukulmez highlighted that the collaboration with Tether aims to introduce new business lines for stablecoin usage within Turkey’s banking sector. Both firms will assess potential business opportunities in emerging digital asset businesses and banking verticals.
According to Binance, the country ranks fourth in transaction volume and twelfth in adoption, with a 40% adoption rate. This makes Turkey a crucial player in the global crypto ecosystem. Additionally, stablecoin purchases in Turkey account for 4.3% of the country’s GDP, the highest percentage globally, as per Chainalysis.
The interest in digital assets and blockchain technology within the Turkish community has positioned Turkey as a leading global hub for cryptocurrency. Binance TR general manager Mucahit Donmez noted,
“Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes.”
Regulatory Developments and Security Concerns
Tether and Binance’s expansion efforts in Turkey come after a significant hack of the local crypto exchange BtcTurk, which, as reported by Peckshield, stole over $100 million in crypto on June 22. This incident underscores the importance of security and regulatory measures in the growing crypto market.
In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, acknowledging progress in anti-money laundering (AML) and counter-terrorist financing measures. This development has increased the urgency for Turkey to introduce comprehensive crypto regulations in 2024, aligning with global standards.
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