Turkey | Wiki | Mapping Bitcoin

Turkey has one of the highest cryptocurrency ownership rates in the world, driven primarily by the dramatic devaluation of the Turkish lira. With inflation exceeding 80% in 2022 and the lira losing over 80% of its value against the dollar since 2018, millions of Turks have turned to Bitcoin as a store of value — mirroring the pattern seen in Argentina and Nigeria.

Adoption Drivers

• Lira devaluation: The Turkish lira lost over 80% of its value against the US dollar between 2018 and 2024
• Inflation: Consumer price inflation exceeded 80% in 2022 and has remained elevated
• Youth demographics: Turkey's young, tech-savvy population drives crypto adoption
• Savings protection: Many Turks use Bitcoin and stablecoins as a hedge against lira depreciation

An estimated 15-25% of Turkey's population has used cryptocurrency — one of the highest rates globally.

Regulatory Environment

Turkey's crypto regulation has evolved significantly:

• April 2021: The Central Bank of Turkey banned the use of cryptocurrency for payments, citing "irreparable damage and significant risks"
• However, buying, selling, and holding Bitcoin remains legal
• June 2024: Turkey enacted a comprehensive crypto regulation law establishing a licensing framework under the Capital Markets Board (SPK)
• The law includes AML/KYC requirements, licensing obligations for exchanges, and investor protection measures
• Major exchanges including Binance, BtcTurk, and Paribu operate in Turkey

Notable Events

• Thodex scandal (2021): The founder of Turkish exchange Thodex fled the country with an estimated $2 billion in user funds — one of the largest crypto exit scams globally
• The incident accelerated calls for regulation and damaged public trust temporarily

News Timeline

News last updated: April 2026