HomeCrypto NewsMarketShiba Inu Global Adoption Continues As Turkey Minister of Economy Discuss Shib

Shiba Inu Global Adoption Continues As Turkey Minister of Economy Discuss Shib


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Mustafa Elitaş, AK Party Group Deputy Chairman and Turkey Minister of Economy, Discuss Shiba Inu.

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The news is compelling for the Shiba army as a country minister of economy has discussed Shiba Inu according to shib lead developer Shytoshi Kusama.

According to the details Mustafa Elitaş, Minister of Economy, Examined Shiba Inu with Shiba Inu Türkiye, a ship army member from Turkey.

Shiba Inu Türkiye had a face-to-face meeting with Turkey Parliament Officials led by Mustafa Elitaş, where Shiba’s ecosystem was discussed.

The development comes because Trading activity in Turkish Lira pairs with Shiba Inu and Tether was more than five times higher than Bitcoin, amid a sharp devaluation of the lira in 2021 and 2022.

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The lira weakened against the dollar for the ninth year in a row in 2021. Since the beginning of 2022, the currency has fallen by 5% and 46.5% in 2021; Lira became the third currency in the world to fall against the Dollar, so aggressively, Only the Cuban peso and the Libyan dinar are worse-performing currencies than Lira.

Inflation in Turkey jumped to a three-year high of 21.31%, according to TradingEconomics in 2021. The Turkey population perceives cryptocurrencies as a measure of capital preservation and a hedge against extreme inflation, however, this creates additional pressure on the local currency.

Sabri Aygun, a crypto investor based in Istanbul, told Coindesk:

“The priority of Turkish citizens is gold and the dollar. They also buy cheap cryptocurrencies like SHIB, VET, XRP because BTC is expensive. Traders in Turkey also use tether as a proxy for dollar exposure. I hold USDT because sending USDT is fast and cheap across different exchanges, also swapping between spot and futures.”

According to CoinGecko, at the time of writing, one Bitcoin cost 574,546.98 Lira, One Tether cost 14.6 Lira, and one Shiba Inu almost 0.00033622 Lira.

Lira’s ongoing depreciation, Shiba Inu’s reputation, and steady developing ecosystem have made the Turkish population heavily invest in SHIB. That is why shib was discussed by the present Turkey Minister of with the shibarmy.

After the meeting, if anything regarding Shib comes from the Turkey government, it will be an unprecedented accomplishment and outlandish boost for Shiba Inu.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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