BtcTurk Appoints New CEO as It Plans Expansion to Africa, Asia-Pacific, and Latin America

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.

Turkish crypto exchange BtcTurk’s CEO has announced his resignation after leading the company for seven years. Ozgur Guneri will continue serving on the board of directors.

BtcTurk’s founder, Kerem Tibuk, will take over as the new CEO. The cryptocurrency exchange is also planning to expand its operations to Africa, Latin America, and the Asia-Pacific region.

According to Bloomberg, these regions have shown a strong interest in cryptocurrencies as an alternative to traditional banking systems.

Crypto Surges In Turkey Amidst Inflation Crisis

Cryptocurrencies are gaining popularity in Turkey due to the country’s ongoing inflation crisis. The Turkish Lira has been heavily impacted by hyperinflation, leading people to explore alternatives.

In 2024, Trading Economics reported that the Lira’s annual inflation rate had eased to 71.6%.

However, the high inflation rates still put a strain on the economy and traditional savings methods, such as bank deposits, become less effective. This is prompting people to look for more stable options, like cryptocurrencies.

Turkey is also known 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.

Turkish Gov’s CBDC Development

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

A digital version of the Lira is unlikely to solve the country’s inflationary problems. Central bank digital currencies do not alter the inherent issues of a centrally-controlled fiat system.

Despite this, the Turkish government is continuing to explore digital solutions to address the challenges faced by the country’s economy.