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$IMARO, the first Turkish Community memecoin created on the Solana network as a meme coin, has consumed 33 percent of the total supply and attracted attention from Turkey's best web3 projects as a community. It is also in my portfolio for the long term. Metin Rejdepi is behind the coin, which is only 2 months old. He is the former founder of DLIVE Team He also broadcasts games and distributes various awards. The Telegram group is active and has a great interest in airdrops. While there are presidential elections in the future, I believe that this coin will do well in the world after the Turkish market.
#Binance #MemeCoinSeason #btc #Imaro #türkiye
#Binance #MemeCoinSeason #btc #Imaro #türkiye
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Minister of Treasury and Finance Mehmet Şimşek: Turkey Has No Plan to Tax Profits Made on Stocks and Crypto. #türkiye #News #CryptoNewss #MehmetŞimşek
Minister of Treasury and Finance Mehmet Şimşek: Turkey Has No Plan to Tax Profits from Stocks and Crypto.
Minister of Treasury and Finance Mehmet Şimşek: Turkey Has No Plan to Tax Profits from Stocks and Crypto.
Potential Economic Implications of Turkey Accepting Bitcoin?
In recent years, digital currencies have been gaining increasing popularity worldwide. Bitcoin, as the most prominent cryptocurrency, has been gradually accepted by many countries and companies. Turkey, being a developing nation, considering the acceptance of Bitcoin would be a significant step with potential economic implications. This article will examine the potential effects of Turkey accepting Bitcoin on its economy. #bitcoin #Turkey #türkiye
Investment and Innovation:
Turkey's acceptance of Bitcoin could stimulate interest in digital currencies within the country. Individuals and businesses may seek new opportunities by investing in Bitcoin, fostering entrepreneurship, and supporting innovation. Local companies working on blockchain technology may experience accelerated growth and development.
International Trade:
Accepting Bitcoin as an official payment method in Turkey could facilitate international trade. By bypassing the limitations of traditional financial systems, Bitcoin offers a fast and cost-effective payment method. Its decentralized nature may reduce the need for intermediaries in international trade and expedite transactions.
Financial Inclusion:
Accepting Bitcoin in Turkey could improve access to financial services. Individuals without traditional bank accounts or those who lack trust in financial systems could transact using Bitcoin. Particularly in rural areas with limited financial services, Bitcoin could enable financial inclusion.
Currency Volatility:
Bitcoin's volatility could impact economic stability. Turkey's local currency, the Turkish Lira, may be sensitive to Bitcoin's fluctuations. If Bitcoin is accepted, managing exchange rate fluctuations between the local currency and Bitcoin would be crucial. Without appropriate measures, sudden price changes could lead to economic uncertainty.
Illicit Activities:
Due to its anonymous and difficult-to-trace nature, Bitcoin can be used for illicit activities. Turkey's acceptance of Bitcoin would require strengthening regulatory mechanisms and enforcement processes. Establishing a legal framework and implementing effective measures to prevent money laundering and other criminal activities are essential.
Investment and Innovation:
Turkey's acceptance of Bitcoin could stimulate interest in digital currencies within the country. Individuals and businesses may seek new opportunities by investing in Bitcoin, fostering entrepreneurship, and supporting innovation. Local companies working on blockchain technology may experience accelerated growth and development.
International Trade:
Accepting Bitcoin as an official payment method in Turkey could facilitate international trade. By bypassing the limitations of traditional financial systems, Bitcoin offers a fast and cost-effective payment method. Its decentralized nature may reduce the need for intermediaries in international trade and expedite transactions.
Financial Inclusion:
Accepting Bitcoin in Turkey could improve access to financial services. Individuals without traditional bank accounts or those who lack trust in financial systems could transact using Bitcoin. Particularly in rural areas with limited financial services, Bitcoin could enable financial inclusion.
Currency Volatility:
Bitcoin's volatility could impact economic stability. Turkey's local currency, the Turkish Lira, may be sensitive to Bitcoin's fluctuations. If Bitcoin is accepted, managing exchange rate fluctuations between the local currency and Bitcoin would be crucial. Without appropriate measures, sudden price changes could lead to economic uncertainty.
Illicit Activities:
Due to its anonymous and difficult-to-trace nature, Bitcoin can be used for illicit activities. Turkey's acceptance of Bitcoin would require strengthening regulatory mechanisms and enforcement processes. Establishing a legal framework and implementing effective measures to prevent money laundering and other criminal activities are essential.
Indigenous Cryptocurrency Exchanges in Turkey Competing with Global Exchanges!
In the dynamic world of cryptocurrency trading, Turkey has experienced a significant shift in market dynamics. Paribu, Turkey's largest crypto exchange, has dethroned BtcTurk PRO to become the new market leader. This article explores the changing landscape of Turkey's crypto exchange market and the factors contributing to these shifts. #turkey #türkiye $BTC
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Turkey's Rise in Smartphone Production: OPPO's Strategic Investment.📱💰🇹🇷
In a groundbreaking alliance, Mıstaçoğlu Holding's AGM A.Ş. partners with OPPO, positioning Turkey as a key player in global smartphone manufacturing. AGM A.Ş. will lead OPPO's operations in Turkey, covering production, sales, and service, with an extensive investment across various sectors.
The collaboration includes joint sales and marketing, service operations, and local production at AGM A.Ş.'s Istanbul Tuzla factory. This venture is expected to significantly boost the Turkish economy, drive employment in the GSM sector, and foster technological development.
A noteworthy aspect is the resolution of legal disputes and OPPO's collaboration with Nokia through a 5G patent agreement, emphasizing mutual growth and innovation.
OPPO MEA President Chico Zhou and Mıstaçoğlu Holding Chairman Aydın Mıstaçoğlu express excitement, foreseeing Turkey as a vital global market. Mıstaçoğlu aims to position Turkey as a global leader in smartphone production, planning worldwide exports.
This partnership signifies a crucial leap for Turkey in global smartphone production, promising economic growth, technological innovation, and increased employment in the region.
#Oppo #Smartphone #Turkey #türkiye #5G
In a groundbreaking alliance, Mıstaçoğlu Holding's AGM A.Ş. partners with OPPO, positioning Turkey as a key player in global smartphone manufacturing. AGM A.Ş. will lead OPPO's operations in Turkey, covering production, sales, and service, with an extensive investment across various sectors.
The collaboration includes joint sales and marketing, service operations, and local production at AGM A.Ş.'s Istanbul Tuzla factory. This venture is expected to significantly boost the Turkish economy, drive employment in the GSM sector, and foster technological development.
A noteworthy aspect is the resolution of legal disputes and OPPO's collaboration with Nokia through a 5G patent agreement, emphasizing mutual growth and innovation.
OPPO MEA President Chico Zhou and Mıstaçoğlu Holding Chairman Aydın Mıstaçoğlu express excitement, foreseeing Turkey as a vital global market. Mıstaçoğlu aims to position Turkey as a global leader in smartphone production, planning worldwide exports.
This partnership signifies a crucial leap for Turkey in global smartphone production, promising economic growth, technological innovation, and increased employment in the region.
#Oppo #Smartphone #Turkey #türkiye #5G
Publisher Anıl Ardıç, who lives in the US, responded to the question, “Why don’t you return to Turkey?” as follows:
When you work overtime;
🇨🇦 Canada: $28
🇺🇸 USA: $34
🇩🇪 Germany: 12 Euro
🇹🇷 Turkey: We are a family
#Turkey #türkiye #money #Babylon_Mainnet_Launch #BlackRockETHOptions
When you work overtime;
🇨🇦 Canada: $28
🇺🇸 USA: $34
🇩🇪 Germany: 12 Euro
🇹🇷 Turkey: We are a family
#Turkey #türkiye #money #Babylon_Mainnet_Launch #BlackRockETHOptions
🚀 Today marks a momentous occasion in the financial realm as the Central Bank of the Republic of Turkey (CBRT) boldly raised interest rates by 500 basis points, sending shockwaves of excitement through the markets! 🆙⚡
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
🔴 BREAKING NEWS | 🇹🇷
International credit rating agency S&P revised Turkey's credit rating outlook from stable to positive.
#Turkey #TurkeyCrypto #Turkish #türkiye #Standard&Poor's
International credit rating agency S&P revised Turkey's credit rating outlook from stable to positive.
#Turkey #TurkeyCrypto #Turkish #türkiye #Standard&Poor's
Turkish Lira Tops Fiat Volumes in September: Binance Research. 🇹🇷🕵️
The Turkish Lira (TRY) has become the leading fiat currency on Binance, the world's largest exchange, with 75% of all fiat volumes in September.
This surge in adoption is due to increased interest from both new and experienced investors, according to a Binance market research report.
Turkey's crypto adoption rate has grown significantly over the last three years, reaching 40%, placing it 12th on the Chainalysis Global Crypto Adoption Index for 2023.
In the survey, it was found that 30% of participants started trading cryptocurrencies 1-2 years ago, while 19% and 8% began in the last year and six months, respectively.
New users entering the market have contributed to the rise in trading activity, making the Turkish Lira the most traded fiat currency on Binance.
Many young digital asset users in Turkey are motivated to trade and invest in cryptocurrency, with some looking to invest in real estate using their crypto earnings.
Key factors driving this trend include profitability (66%), low transaction costs (33%), ease of monitoring (56%), and a love for blockchain technology (40%).
The absence of minimum deposit requirements and enhanced security also play a role in attracting new participants.
While Turkey's crypto market is growing rapidly, concerns about regulations and market stability remain. The country is working on virtual asset guidelines to regulate the local market, aiming to improve its global standing.
#BinanceResearch #TurkeyCrypto #Turkey #türkiye
The Turkish Lira (TRY) has become the leading fiat currency on Binance, the world's largest exchange, with 75% of all fiat volumes in September.
This surge in adoption is due to increased interest from both new and experienced investors, according to a Binance market research report.
Turkey's crypto adoption rate has grown significantly over the last three years, reaching 40%, placing it 12th on the Chainalysis Global Crypto Adoption Index for 2023.
In the survey, it was found that 30% of participants started trading cryptocurrencies 1-2 years ago, while 19% and 8% began in the last year and six months, respectively.
New users entering the market have contributed to the rise in trading activity, making the Turkish Lira the most traded fiat currency on Binance.
Many young digital asset users in Turkey are motivated to trade and invest in cryptocurrency, with some looking to invest in real estate using their crypto earnings.
Key factors driving this trend include profitability (66%), low transaction costs (33%), ease of monitoring (56%), and a love for blockchain technology (40%).
The absence of minimum deposit requirements and enhanced security also play a role in attracting new participants.
While Turkey's crypto market is growing rapidly, concerns about regulations and market stability remain. The country is working on virtual asset guidelines to regulate the local market, aiming to improve its global standing.
#BinanceResearch #TurkeyCrypto #Turkey #türkiye
Deputy manager of Denizbank in Antalya, customers lost 205 million TL in cryptocurrencies. 🇹🇷
In a shocking revelation, the Denizbank branch in the Manavgat district of Antalya, Turkey, became embroiled in a staggering embezzlement scandal. A jaw-dropping 205 million Turkish lira was illicitly siphoned from customers' accounts and diverted to gambling websites and cryptocurrencies.
Following the alarming discovery, authorities swiftly moved into action. The Manavgat Public Prosecutor's Office spearheaded an investigation that led to the arrest of 12 individuals, including key bank personnel. Among those apprehended were branch manager Rahşan Eylem Bulut, deputy manager Utku Erdem, and several other bank employees, alongside four individuals identified as close associates of Utku Erdem.
The gravity of the situation was further compounded by Utku Erdem's admission of guilt. Erdem, a central figure in the scandal, confessed to orchestrating the embezzlement scheme, which had been ongoing since 2021. His modus operandi involved clandestinely transferring funds from unsuspecting customers' accounts to acquaintances, only to squander them in online gambling and volatile cryptocurrency trading.
This scandal serves as a stark reminder of the critical need for robust internal controls within financial institutions. The breach of trust perpetrated by the implicated bank staff underscores the imperative of safeguarding customer assets and upholding the integrity of the banking system. Such incidents underscore the paramount importance of vigilance and stringent oversight in the realm of financial services, safeguarding against malfeasance and preserving public trust.
The fallout from the Denizbank scandal will trigger a reassessment of financial sector practices, emphasizing the need for stronger internal procedures and risk management. Regulators and stakeholders must take proactive steps to prevent future misconduct and safeguard customer and stakeholder interests.
#Denizbank #Turkey #türkiye
In a shocking revelation, the Denizbank branch in the Manavgat district of Antalya, Turkey, became embroiled in a staggering embezzlement scandal. A jaw-dropping 205 million Turkish lira was illicitly siphoned from customers' accounts and diverted to gambling websites and cryptocurrencies.
Following the alarming discovery, authorities swiftly moved into action. The Manavgat Public Prosecutor's Office spearheaded an investigation that led to the arrest of 12 individuals, including key bank personnel. Among those apprehended were branch manager Rahşan Eylem Bulut, deputy manager Utku Erdem, and several other bank employees, alongside four individuals identified as close associates of Utku Erdem.
The gravity of the situation was further compounded by Utku Erdem's admission of guilt. Erdem, a central figure in the scandal, confessed to orchestrating the embezzlement scheme, which had been ongoing since 2021. His modus operandi involved clandestinely transferring funds from unsuspecting customers' accounts to acquaintances, only to squander them in online gambling and volatile cryptocurrency trading.
This scandal serves as a stark reminder of the critical need for robust internal controls within financial institutions. The breach of trust perpetrated by the implicated bank staff underscores the imperative of safeguarding customer assets and upholding the integrity of the banking system. Such incidents underscore the paramount importance of vigilance and stringent oversight in the realm of financial services, safeguarding against malfeasance and preserving public trust.
The fallout from the Denizbank scandal will trigger a reassessment of financial sector practices, emphasizing the need for stronger internal procedures and risk management. Regulators and stakeholders must take proactive steps to prevent future misconduct and safeguard customer and stakeholder interests.
#Denizbank #Turkey #türkiye
Central Bank of the Republic of Turkey increased interest rates by 500 basis points. 🆙⚡
Today, the interest rate decision by the Central Bank of the Republic of Turkey (CBRT) stirred excitement in the markets, and the anticipated decision was finally revealed. The Monetary Policy Committee (MPC) of the Central Bank announced its new decision regarding the policy rate, raising it by 5 points to 50 percent. This decision follows a period where the interest rate was kept steady at 45 percent in the previous meeting.
The meeting, chaired by CBRT Governor Fatih Karahan, resulted in a significant decision concerning the economy. In the upcoming days, the first Inflation Report of the year is expected to be released, shedding more light on Turkey's economic policies.
Meanwhile, financial developments such as the People's Bank of China maintaining its interest rate and offering zero-interest loans for Togg also drew attention. These news pieces may influence the volatility in global markets.
Future expectations are shaped by the anticipation of a gradual decline in inflation, while reaching the economic peak of the next decade is forecasted.
All these developments continue to be closely monitored by markets and economic observers, providing significant insights into Turkey's economic future.
#CBRT #TCMB #Turkey #türkiye #interestrate
Today, the interest rate decision by the Central Bank of the Republic of Turkey (CBRT) stirred excitement in the markets, and the anticipated decision was finally revealed. The Monetary Policy Committee (MPC) of the Central Bank announced its new decision regarding the policy rate, raising it by 5 points to 50 percent. This decision follows a period where the interest rate was kept steady at 45 percent in the previous meeting.
The meeting, chaired by CBRT Governor Fatih Karahan, resulted in a significant decision concerning the economy. In the upcoming days, the first Inflation Report of the year is expected to be released, shedding more light on Turkey's economic policies.
Meanwhile, financial developments such as the People's Bank of China maintaining its interest rate and offering zero-interest loans for Togg also drew attention. These news pieces may influence the volatility in global markets.
Future expectations are shaped by the anticipation of a gradual decline in inflation, while reaching the economic peak of the next decade is forecasted.
All these developments continue to be closely monitored by markets and economic observers, providing significant insights into Turkey's economic future.
#CBRT #TCMB #Turkey #türkiye #interestrate
Moody's Expected to Upgrade Turkey's Credit Outlook. 🇹🇷🔝🆙
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
If Türkiye Uses Blockchain Technology in Elections: A Game-Changer for Democracy
In Türkiye's dynamic political landscape, the integration of blockchain technology into the electoral process could mark a significant leap towards transparency, security, and trust. Blockchain, renowned for its decentralized and tamper-resistant nature, holds the potential to revolutionize the way Türkiye conducts its elections, addressing longstanding concerns and enhancing the democratic process.
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
Turkey's Remarkable Renewable Energy Surge in 2023. ⚡🔋🇹🇷
In a groundbreaking revelation, Energy and Natural Resources Minister Alparslan Bayraktar unveiled Turkey's extraordinary surge in electricity capacity in 2023, with a remarkable 99.5% driven by renewable energy sources.
⚡ Renewable Dominance:
Bayraktar emphasized the monumental shift, with an astonishing 99.5% of the 2,858 megawatt increase in electricity capacity attributed to renewables. This underlines Turkey's commitment to a sustainable energy landscape.
⚡ Carbon Neutrality Goals:
Highlighting a bold pledge to achieve carbon neutrality by 2053, Bayraktar underscored the pivotal role of renewable energy. The total renewable energy capacity now stands at an impressive 59,236 megawatts.
⚡ Energy Transformation:
The energy transformation aligns seamlessly with the 2053 carbon neutrality objectives, positioning renewable energy as the primary driver of this transformative change.
⚡ Production and Capacity Share:
In 2023, Turkey generated 326.3 terawatt-hours of electricity, with renewables contributing 42% to production and holding 56% of the total installed capacity. Ambitious goals include pushing the renewable capacity share to 65% and production to 55% by 2035.
⚡ Diverse Renewable Portfolio:
The electricity capacity distribution boasts contributions from various renewables, including wind (11,803.3 MW), solar (11,315.6 MW), hydro (23,650.2 MW), and geothermal (1,691.3 MW).
This monumental shift not only showcases Turkey's commitment to sustainable practices but also sets a powerful precedent for nations striving to embrace renewable energy and achieve ambitious environmental goals. Turkey's journey stands as a beacon, illuminating the path towards a greener and more sustainable future for the entire world.
#Turkey #energy #türkiye #Turkish
In a groundbreaking revelation, Energy and Natural Resources Minister Alparslan Bayraktar unveiled Turkey's extraordinary surge in electricity capacity in 2023, with a remarkable 99.5% driven by renewable energy sources.
⚡ Renewable Dominance:
Bayraktar emphasized the monumental shift, with an astonishing 99.5% of the 2,858 megawatt increase in electricity capacity attributed to renewables. This underlines Turkey's commitment to a sustainable energy landscape.
⚡ Carbon Neutrality Goals:
Highlighting a bold pledge to achieve carbon neutrality by 2053, Bayraktar underscored the pivotal role of renewable energy. The total renewable energy capacity now stands at an impressive 59,236 megawatts.
⚡ Energy Transformation:
The energy transformation aligns seamlessly with the 2053 carbon neutrality objectives, positioning renewable energy as the primary driver of this transformative change.
⚡ Production and Capacity Share:
In 2023, Turkey generated 326.3 terawatt-hours of electricity, with renewables contributing 42% to production and holding 56% of the total installed capacity. Ambitious goals include pushing the renewable capacity share to 65% and production to 55% by 2035.
⚡ Diverse Renewable Portfolio:
The electricity capacity distribution boasts contributions from various renewables, including wind (11,803.3 MW), solar (11,315.6 MW), hydro (23,650.2 MW), and geothermal (1,691.3 MW).
This monumental shift not only showcases Turkey's commitment to sustainable practices but also sets a powerful precedent for nations striving to embrace renewable energy and achieve ambitious environmental goals. Turkey's journey stands as a beacon, illuminating the path towards a greener and more sustainable future for the entire world.
#Turkey #energy #türkiye #Turkish
HealthTech Pioneer Salus Secures $4.7 Million for Advancing Preventive Healthcare Initiatives. ⚕️💰
Salus, a Turkish health initiative, has recently secured a substantial $4.7 million investment in a funding round led by Northzone. Notable contributors include 500 Emerging Europe, Pitch Drive, İş Bankası 100. Yıl Girişim Sermayesi, and individual investors like Adam Anders, Can Yücaoğlu, Mehmet Yılmaz, Joshua Cornelius, and Kıvanç Semen.
User-Centric Approach:
Salus prioritizes user needs, aiming to build a comprehensive preventive healthcare ecosystem.
Diverse Investor Base:
The funding round includes contributions from 500 Emerging Europe, Pitch Drive, İş Bankası 100. Yıl Girişim Sermayesi, and individual angel investors, totaling $4.7 million.
Growing Investor Confidence:
Existing investors, Collective Spark and Wamda Capital, increased their investment, reflecting growing confidence in Salus.
Impressive Team Expansion:
Salus boasts a team of over 200 experts, including clinical psychologists, dietitians, physiotherapists, birth coaches, family counselors, and child development specialists.
Strategic Usage of Funds:
Salus plans to use the funds to support both corporate and individual growth, expanding its product and service offerings to become Turkey's most inclusive health application.
Milestone Achievement:
Within 18 months, Salus has gained attention, serving leading companies like QNB Finansbank, ING, P&G, Midas, Zeplin, Sigortam.net, Ödeal, and more.
Landmark Seed Investment:
With this recent investment, Salus' total funding stands at $5.5 million, marking one of Turkey's largest seed investments.
In Summary:
Salus CEO Alperen Adikti expresses excitement about the journey ahead, emphasizing their commitment to facilitating long-term health and well-being for users. The funds will be instrumental in expanding Salus' services and products, marking Northzone's first investment in Turkey and positioning Salus as a pioneer in the country's health tech landscape.
#Salus #Turkish #türkiye
Salus, a Turkish health initiative, has recently secured a substantial $4.7 million investment in a funding round led by Northzone. Notable contributors include 500 Emerging Europe, Pitch Drive, İş Bankası 100. Yıl Girişim Sermayesi, and individual investors like Adam Anders, Can Yücaoğlu, Mehmet Yılmaz, Joshua Cornelius, and Kıvanç Semen.
User-Centric Approach:
Salus prioritizes user needs, aiming to build a comprehensive preventive healthcare ecosystem.
Diverse Investor Base:
The funding round includes contributions from 500 Emerging Europe, Pitch Drive, İş Bankası 100. Yıl Girişim Sermayesi, and individual angel investors, totaling $4.7 million.
Growing Investor Confidence:
Existing investors, Collective Spark and Wamda Capital, increased their investment, reflecting growing confidence in Salus.
Impressive Team Expansion:
Salus boasts a team of over 200 experts, including clinical psychologists, dietitians, physiotherapists, birth coaches, family counselors, and child development specialists.
Strategic Usage of Funds:
Salus plans to use the funds to support both corporate and individual growth, expanding its product and service offerings to become Turkey's most inclusive health application.
Milestone Achievement:
Within 18 months, Salus has gained attention, serving leading companies like QNB Finansbank, ING, P&G, Midas, Zeplin, Sigortam.net, Ödeal, and more.
Landmark Seed Investment:
With this recent investment, Salus' total funding stands at $5.5 million, marking one of Turkey's largest seed investments.
In Summary:
Salus CEO Alperen Adikti expresses excitement about the journey ahead, emphasizing their commitment to facilitating long-term health and well-being for users. The funds will be instrumental in expanding Salus' services and products, marking Northzone's first investment in Turkey and positioning Salus as a pioneer in the country's health tech landscape.
#Salus #Turkish #türkiye
Turkish Lira's Dominance on Binance Reflects Turkey's Crypto Boom. 🇹🇷
In the world of cryptocurrency, the Turkish Lira (TRY) has gained significant ground, accounting for 75% of fiat trading volume on Binance in September.
This suggests that Turkish investors are increasingly active in the cryptocurrency market. Also mentions that Turkey is the fourth-largest crypto market, following the United States, India, and the United Kingdom.
#Turkey #türkiye #Turkish #TurkishLira
In the world of cryptocurrency, the Turkish Lira (TRY) has gained significant ground, accounting for 75% of fiat trading volume on Binance in September.
This suggests that Turkish investors are increasingly active in the cryptocurrency market. Also mentions that Turkey is the fourth-largest crypto market, following the United States, India, and the United Kingdom.
#Turkey #türkiye #Turkish #TurkishLira
