BtcTurk CEO Ozgur Guneri Steps Down Amid Global Expansion Plans

full version at coinchapter

BtcTurk CEO Ozgur Guneri Steps Down

YEREVAN (CoinChapter.com) — Ozgur Guneri, CEO of Turkish cryptocurrency exchange BtcTurk, has announced his resignation after leading the company for seven years. Guneri will continue to serve on the board of directors. BtcTurk’s founder, Kerem Tibuk, will step in as the new CEO.

BtcTurk is planning to extend its operations to Africa, the Asia-Pacific region, and Latin America. Bloomberg reports that these regions have shown considerable interest in cryptocurrencies as alternatives to traditional banking systems.

Cryptocurrencies Surge in Turkey Amidst Inflation Crisis

Cryptocurrencies are gaining traction in Turkey due to the country’s ongoing inflation crisis. The Turkish Lira has been significantly affected by hyperinflation, prompting people to seek alternatives. In 2024, Trading Economics reported that the Lira’s annual inflation rate had cooled to 71.6%.

The Turkish Lira's annual inflationary rate measured from July 2023 to June 2024. Source: Trading Economics and the Turkish Statistical Institute. — *The Turkish Lira’s annual inflationary rate measured from July 2023 to June 2024. Source: Trading Economics and the Turkish Statistical Institute.*

In December 2023, Bitcoin reached all-time highs against several fiat currencies, including the Turkish Lira, Egyptian Pound, Argentine Peso, and Nigeria’s Naira. High inflation rates make traditional savings methods less effective, leading people to more stable options like cryptocurrencies.

Turkey is noted for its high usage of dollar-pegged stablecoins. The Chainalysis 2024 Crypto Spring Report revealed that Turkey had the highest percentage of stablecoin usage relative to its GDP.

*Stablecoin purchasing as a share of GDP by country from April 2023 to March 2024. Source: Chainalysis*

Turkish Government’s CBDC Development

In 2023, the Turkish central bank released a progress report on its central bank digital currency (CBDC) project. The report detailed the initial phases of research and development, including testing digital identity systems, wallets, and account abstraction methods.

A digital version of the Lira will not address inflationary issues. Digital currencies from central banks do not change the fundamental problems of a centrally managed fiat system. The Turkish government continues to explore digital solutions, but the core challenges remain.

The post BtcTurk CEO Ozgur Guneri Steps Down Amid Global Expansion Plans appeared first on CoinChapter.