Blockchain is surely making headlines these days be it any sector. Nations like Russia is accepting this cutting-edge technology and the new country which has high use of Blockchain technology is Turkey.  At present, turkey is the most active markets in the crypto and blockchain industry, as per the knowledge of the CEO of Binance, called Changpeng Zhao. He further added that executing the right steps could allow Turkey to become a good player in the field of financial technologies as it is showing a high demand in Cryptocurrency.

As per the data received from the US based Cryptocurrency Market Company called CoinMarketCap data, there are over 4,849 Cryptocurrency units and 20,850 exchanges where the transactions of these currencies are executed. The total hike of 59% has been witnessed in November month and reached up to the volume of $200 billion which was around $125.6 billion in the beginning of January. Furthermore, the escalation in market size, both companies and government are using the Blockchain technology and digital currencies that consists of the technological infrastructure of cryptocurrencies. In the latest event held in Istanbul, the CEO of Binance called Turkey as a vibrant nation with the huge demand in crypto and increasing interest of Turkish people. He advised that Turkey accepted this technology previous year because they went through economic fluctuations that correlates with International economic markets but is twice than its neighboring European countries.

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Digital currency to be replaced by Paper money

CZ said that paper money is soon going to be replaced by the digital currency and he later added that there is no use of paper money in China. Money used in China is entirely digital currency, though it is not a blockchain technology. Users can pay through QR codes with the help of their phones and without any physical money. It takes no doubt that in future all the physical money will be replaced by digital currency. He further added that they are not against coins. If the Facebook Libra project will be accepted by users, the Binance exchange will give support to Libra. The exchange wants to escalate the number of users of all coins as the people’s interest in Cryptocurrency would help in the development for the whole industry. In the past, when phones and computers were created, no body imagined that it would ever sell, but they did, therefore, blockchain technology will also be popular in near future.

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