Istanbul, future blockchain leader in Turkey?

While the cryptocurrency markets are in crisis, the Turks are planning to create a leading blockchain ecosystem. According to experts, the bear market is a good time to develop the sector. Let's take a look at the plans for getting there.

Turkey, already a pioneer in the cryptocurrency sector

The Turkish crypto ecosystem is eager to grow, especially in Istanbul. “According to digital asset analysts, the bear market is an opportunity to build. Turkey wants to create its business center in order to become the seat of the global hype around Ethereum.

Turkey is one of the most active countries in the cryptocurrency and blockchain sector. But his interest goes beyond market fluctuations. In addition to a sizable base of cryptocurrency investors, the local community is made up of college clubs, Web3 startups, blockchain developers, and academics. The country has hosted major events such as ETHIstanbul, Blockchain Economy Istanbul and Istanbul Blockchain Week. However, the Ottoman country does not intend to stop there and wants to develop this type of events even more.

According to a study by Chainalysis, out of a transaction volume of $ 566 billion in the Middle East and North Africa (MENA) region, nearly 40% went to Turkey. This volume was calculated between July 2021 and August 2022.

The inflation rate that drives cryptocurrencies

Turkish economist Erkan Öz explains why a high inflation rate is important for cryptocurrencies:

“Many people think they can no longer buy a car or a house with the conventional financial system. That's why interest in crypto assets is growing every day ”.

However, he noted that cryptocurrency adoption has not yet been fully embraced by startups or blockchain projects. This is because there is no valid regulation that meets the needs of the cryptocurrency ecosystem. “Turkey should soon create a legal infrastructure that protects investors and supports blockchain and crypto-assets,” added Öz.

DevCon 7 in Turkey?

The burgeoning local crypto ecosystem has a new ambition: to bring DevCon 7 back to Turkey. The Bitcoin community has joined forces with the "Shibarmy" troops. DevCon 7 is the largest Ethereum community conference, which would be a major publicity blow for Turkey. Supported by key local figures, the movement quickly achieved tremendous popularity.

Today, if you check the Twitter accounts of the big names in the Turkish ecosystem, you will see the phrase #DevconIstanbul next to their name. The initiative is both on the web and in the real world. The latest example is the ETHIstanbul After Merge Party.

Some users humorously promoted Turkey's qualities for the conference. As below, where a user praises Turkish culinary specialties.

After several postponements, this year DevCon 6 will be held in Bogotà, from 11 to 14 October. Tansel Kaya, student of Kadir Has University and CEO of Mindstone, stresses the importance of bringing the event to Turkey for talented students who do not have the opportunity to attend such events.

"We want our software developers and student communities in Turkey to meet the names of DevCon events, but it's not always easy to travel abroad," explains Kaya, adding, "If we can't get out, we have to bring them here." Indeed, there are personalities like Vitalik Buterin or Aya Miyaguchi who can be a great inspiration for young academics.