Cryptocurrency business growing fast in Turkey

Niyazi Yılmaz, the CEO of Bitay Technology stated that, Bitay offers a money market for cryptocurrency and domestic solutions for this field; company started as providing cryptocurrency with a lot of services that are already done with conventional money. Yılmaz said that all small and big business have POS machines and yet today’s smartphones have hundred times more capacity than these machines, thus they should be replaced with a smarter device and smarter solutions

‘’Businesses are starting to accept cryptocurrency.’’

Yılmaz stated that they have developed a payment system named BitayPay which enables us to pay with cryptocurrency, he added:

’In our system, when the money transfer is validated via QR code, we immediately take the money from the account of the customer and transfer it to the account of the business with bankwire; yet, when your payment is accepted by POS machines, you need to wait 60-90 days in order to be paid without cuts. If you want to have the payment in 1-2 days, the payment is applied with certain cuts depending on the deal of your bank. We take crypto money from the customers and pay liras to the business; this way, businesses do not pay commission, accept crypto money and the situation is also appropriate for the tax legislation.’’

Yılmaz emphasized that via this payment system, they are providing the businesses with information regarding the customer satisfaction such as how many times they have visited the business, which products they prefer and he continued:

”We are offering a structure; which provides the businesses with information of their customers and where customers are able to evaluate the businesses. We decreased the cost and increased the service quality. There are projects in abroad but not with that extent. We have interviewed with the biggest online websites in Turkey and the businesses find our project exciting. We integrate our platform with the charging cards of some of the firms that we have interviewed. We also have a legal advantage. There was a change in the payment systems; Central Bank brought new regulations in order to involve innovative systems on November. According to the new regulation, there is no need for a licence for the transferring of the money points between two institutions; we are moving forward with that regulation.’’

Turkey is ranked 5 in the global trading volumes

Yılmaz stated that, Turkey’s interest in crypto currency and the speed of the development of the field is high compared to world, he added:

‘’ According to a research which involves the Turkey’s interest for crypto currency and takes the country’s population as proportion; the 20 percent of the population has either bought a crypto currency and opened an account or is educated about this currency. Turkey takes place near the top in this research  with this 20 percent population. The interest in crypto currency grows more and more every day. There have been 100 thousand new accounts in our system for the past 7 months (December-May). Besides, there have been studies of independent bodies; according to the one of them, Turkey ranked 5 in the global trading volumes. These researches present why many firms abroad want to come to Turkey and why a lot of crypto money market is opened in our country. On the other hand, crypto currencies are one of the fields where blockchain technologies can be used, this comes to the fore due to the investments. Blockchain technology offers a different perspective to banking business, insurance system and data storage unit.’’

source: AA / translated by bazaar team

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