CEO of BtcTurk Resigns from Turkish Crypto Exchange

Ozgur Guneri, who served as the CEO of the Turkish cryptocurrency exchange BtcTurk for seven years, has announced his resignation. However, he will continue to be involved with the company as a director.

Key Points:

• Guneri steps down as CEO after seven years
• BtcTurk plans expansion to Africa, Asia-Pacific, and Latin America
• Founder Kerem Tibuk to take over as CEO

Cryptocurrency adoption in Turkey has been on the rise due to the country’s fiat currency, the Lira, facing significant inflation. As of 2024, the Lira’s annual inflation rate reached 71.6%, prompting residents to turn to digital currencies like Bitcoin to protect their purchasing power.

In response to the growing demand for cryptocurrencies in Turkey, BtcTurk is looking to expand its operations globally, with a focus on Africa, the Asia-Pacific region, and Latin America.

Turkey’s Crypto Landscape

• Bitcoin hits all-time highs against local currencies in Turkey
• Stablecoin adoption in Turkey highest relative to GDP
• Turkish government exploring central bank digital currency (CBDC)

The Turkish central bank has been exploring the development of a central bank digital currency (CBDC) to modernize its financial system. However, analysts argue that a digital Lira may not address the underlying inflation concerns plaguing the country’s economy.