The Bitcoin community has been sharing pictures on Twitter of stores in the Grand Bazaar accepting Bitcoin and Tether (USDT).
#Bitcoin accepted at the Grand Bazaar in Istanbul š¹š· Turkey š pic.twitter.com/D9V6U13uLC
ā P2Pā” (@Peer__2__Peer) April 22, 2023
Turkey started a monetary policy reversal last year, decreasing interest rates when every other country raised them, and the value of the currency is falling. Turks are racing to Istanbul’s Great Bazaar to exchange lira in order to avoid banks.
They purchase US dollars at a higher premium than the official exchange rate to avoid government oversight, and the premium rate has risen to its highest point since last year.
The Grand Bazaar, which was once the epicentre of international trade in the 15th century, has been revived thanks to President Recep Tayyip Erdogan’s stringent financial rules.
A new parallel exchange rate for the Turkish lira has also emerged in the covered maze of antique shops, jewellery stores, kiosks selling trinkets, and leather merchants as a result of the move. Its parallel rate has solidified as local electoral bank restrictions tighten in the weeks leading up to a crucial election.
Lenders have given up more dollar sales to the bazaar and its numerous exchange offices as a result of the micromanagement of the legal exchange market.
Erdogan’s desperate attempts to stop bets against the currency fall flat in the narrow, arched corridors where business has been done for more than a century.
Moreover, as a way to escape banking laws and inflation, demand for cryptocurrencies like Bitcoin is quickly rising. Thus, it is certain that Bitcoin and USDT will establish themselves as new currency movements in this nation. Now, it might be sold by tiny retailers or wholesalers, but in the long run, both major businesses and organisations are likely to adopt it.
