Turkey Plans To Adopt Shiba Inu Coin As An Alternative Payment Instrument

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Turkey Plans To Adopt Shiba Inu Coin As An Alternative Payment Instrument

ISTAMBUL – The widespread adoption of cryptocurrencies in several European countries seems to have attracted the Turkish government to try to implement a payment system in their country with cryptocurrency digital assets.

Although the Turkish government has not shown its intentions openly.

But recently the Turkish Shiba Inu (SHIB) community claimed to have met with the Turkish Economy Minister to discuss the adoption of the meme coin with the puppy icon.

“Our esteemed minister today @mustafaelitas with @ParlemenOfficial We have a face-to-face meeting. We thank them for inviting us to their presence,” the Shiba Inu Turki community tweeted.

Unfortunately, until now the Minister of the Turkish economy, Mustafa Elitaş has not made an official statement regarding the plan to adopt the crypto coin.

However, according to the Daily Coin page, Elitaş’s meeting with Shiba Inu representatives was deliberately intended to discuss the use of SHIB in President Recep Tayyip Erdoğan’s country as a legal alternative means of payment.

The choice of this one meme coin, for an alternative payment tool is not without reason.

Shiba Inu (SHIB) is one of the most popular digital assets among Turkish citizens.

Even trading activity in SHIB and Tether (USDT) on the Turkish market is claimed to be five times higher than Bitcoin trading.

Especially at this time the Turkish national currency, namely the lira, which is currently experiencing a decline in value to touch the inflation rate.

As a result of the decline in interest rates since 2021, the Turkish lira has also been dragged down to touch 44 percent.

“The data shows that despite the volatility faced by the lira, local traders are still interested in the extraordinary returns associated with coins like SHIB,” concluded Strahinja Savic, head of data and analytics at Toronto-based crypto platform FRNT Financial.

Concerns over the continued devaluation of the lira have made the Turkish government intend to adopt this coin meme in the near future.

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