If you have followed this year’s economic news about international currency crises, you won’t be surprised to hear that Turkey is in trouble. With an high inflation rate and a purchasing power loss, it’s clear, that the Lira is in a week position against the Euro.
Venezuela has impressively shown in the past that countries with financial problems are a fertile breeding ground for cryptocurrency adaptation. The population and the economic actors are compelled to look for other alternatives. Under these circumstances, the Dash DAO funded successful community projects in Venezuela. The number of Dash accepting merchants has therefore increased from 700 to 4200 since early 2018.
However, it is not only the increased number of locations of acceptance in Venezuela that prove a causal relationship between hyperinflation and the spread of cryptocurrencies. A 2018 ING study reveals a similar development (https://think.ing.com/uploads/reports/ING_International_Survey_Mobile_Banking_2018.pdf). Approximately 20% of Turks own cryptocurrencies. This figure is about 2 times the European average.
Blockchain TR Summit
The Blockchain TR Summit in Ankara was the first event of its kind. Most of the participants were members of the Turkish business community and government representatives, but there were also blockchain companies such as the cryptocurrency exchanges Paribu from Turkey and Lykke from Switzerland.
Most of the content of the conference was aimed at entry-level users and covered topics related to the use of the blockchain technology in various economic sectors. Robert Wiecko and Jan Heinrich Meyer gave lectures on monetary policies and payment methods.
During their first workshop on November 18, Jan and Robert presented a 3-hour talk about monetary cryptocurrencies and the advantages of decentralized currencies to the approx. 60 participants. How can Dash be used as a means of payment? How is the Dash DAO set up? How does DGBB function?
“It was our goal to present a currency and payment method to the Turkish community and its entrepreneurs that they can already use in their day to day life, and to encourage them to launch their first community initiatives for Turkey”. (Jan Heinrich Meyer)
The second Dash Workshop on November 20th made this goal clear. Robert and Jan talked to their listeners about the DGBB under the title “How to set up a DFO”. The Dash Embassy D-A-CH was used as an example to explain the proposal system. The main focus of this project is business development, marketing and the upcoming Dash Roadshow for Turkish immigrants in Germany, Austria and Switzerland.
These workshops were complemented by Armenak Tüysüz, Co-Founder and Business Developer at www.salamantex.com. “The easy way for crypto payment” was the title of the presentation by the Austrian entrepreneur, who introduced his POS solution for crypto payments and showcased the payment terminal as a partner of the Dash Embassy D-A-CH. More details on this partnership are expected to be announced soon.
Besides the pre-arranged partnership presentation between Dash Embassy D-A-CH and Salamantex, some interesting discussions with leading Turkish cryptocurrency exchanges took place. The Turkish exchanges are small compared to international players such as Poloniex, Mbaex or Coinbase, although cryptocurrencies are very popular in the country. Hamza Kesim (Paribu) believes that this is because the Turkish crypto-community uses regional exchanges as fiat-gateways only. The reason for this is that it is not possible to send a bank transaction from Turkey to Kraken. Hamza has expressed interest in the integration of Dash into Paribu because of the activities planned by Dash and the good community feedback he got on site. He was assured that the Dash Embassy D-A-CH would support him in this project.
The problem of international money transactions to Turkey was also a problem for Jan Heinrich Meyer when he attempted to transfer the sponsoring fee for the conference via bank transfer. Following a short discussion with Gökce Phillips, who organized the event, they simply settled the bill in Dash.
The Turkish immigrants in Germany are responsible for the majority of remittance transactions to Turkey and this example shows why an alternative method is so important in this field and educational events and business development activities in the DACH region and Turkey can have such an impact on Dash.
However, the summit was not only a successful event for business development. Jan and Robert met students and entrepreneurs from Ankara and Istanbul, that are interested in starting their community initiatives for Dash. If this team will follow the structures and concept of the Dash Embassy D-A-CH remains to be seen. Anybody interested in talking to the new Turkish community members can reach out to them via Telegram: https://t.me/dashturkey
The Turkish market could offer a huge growth opportunity for Dash. As soon as more local exchanges integrate Dash it will become easier for the Turkish people to get access to Digital Cash and a fruitful cooperation between the D-A-CH region and Turkey could take place. We have now laid the foundation and will keep you updated.