Huobi Sets Up Fiat Gateway to Increase Accessibility of Cryptocurrency in Turkey
Huobi is making big plans to capture the Turkish market. The international cryptocurrency exchange is planning to introduce a fiat gateway for its Turkish users. This will aid local traders to purchase Tether using Lira, the fiat currency of Turkey; it can then be used to purchase other digital coins that are listed on the exchange. Huobi has gone a step further to lure traders by launching its own mobile app and an exclusive trading website only for Turkey.
Huobi, in its effort to push people towards cryptocurrencies, has joined hands with banks in Turkey to provide access to services like enabling customers to purchase USDT directly from their local bank accounts. According to Huobi’s EMEA regional president Mohit Davar, The exchange is about to make an announcement of this collaboration in December.
Davar said that the reason behind choosing Turkey for this novel project is the clear legal framework that the country has framed for the industry, something that even major economies like U.S and China have also not been able to do. The government of Turkey may have resorted to cryptocurrency to develop a parallel currency to tackle the depreciating value of Lira.
“I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision. That is always to make sure that we have the right checks and balances, particularly when it comes to KYC and AML. The banks want to make sure when they face off with us as a partner, that they are actually fulfilling their obligations.”
The fiat gateway will give traders access to over 250 virtual currencies on Huobi. However, all the currencies are not directly paired with the Lira. To encourage trading, Huobi is offering Turkish traders a 50% discount on trading and 0.1% fees or less if the traders have Huobi Token (HT).
Earlier in the year, the US had threatened to issue economic sanctions on the country if they attacked Kurds. The crypto market in Turkey was expected to grow even bigger after this move. Speaking on this, President Donald Trump had declared on his twitter handle, “Will devastate Turkey economically if they hit Kurds.”