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Bitcoin reaches resort of Kusadasi as Turkish market embraces cryptocurrencies

Posted on 23 March 2018

Turkey is emerging as an unexpected champion of cryptocurrencies with its real estate market proving especially receptive to blockchain-based transactions, said Spot Blue International Property in March, adding it is one of the first Turkish property agencies to make property in the resort of Kusadasi available to Bitcoin investors.

Spot Blue International Property is promoting off-plan and key-ready property across seven developments in Kusadasi. Prices range from £59,500 for two-bedroom apartments to £159,500 for triplex villas, but buyers can purchase in Bitcoin or another cryptocurrency, the price being fixed according to the exchange values at an agreed time of settlement.

“Instead of shying away from cryptocurrencies, many people in Turkey are embracing the technology and offering them as an option to today’s increasingly sophisticated investors, which include local Turks as much as foreigners,” said Julian Walker, director at Spot Blue International Property. “Turkey has always been a versatile market in terms of currency, with dollars, euros and pounds being used regularly for real estate transactions, in addition to Turkish Lira – in essence, Bitcoin is just another currency.

“With our latest offerings, opportunities to buy property with Bitcoin as well as other mainstream cryptocurrencies, such as Ripple and Ethereum, are no longer limited to the Turkish cities of Istanbul, Ankara and Antalya. Kusadasi, a popular tourist destination with its large marina and cruise port, is one of very few resorts with developments where we can offer this payment option.”

An early adopter of the blockchain payment concept and home to the second ever Bitcoin ATM at Istanbul’s Atatürk Airport, Turkey is considering the introduction of its own national cryptocurrency, mirroring Venezuela’s own cryptocurrency, the ‘petro’. Earlier this year, a Government report proposed the launch of ‘Turkcoin’, which would be regulated by the State and backed by Turkey’s sovereign wealth fund, which incorporates Turkish Airlines, the Istanbul Stock Exchange and Turk Telecom. Turkey already has at least two Lira-cryptocurrency exchanges, including Koinim and BTCTurk.

“It’s notable too that Turkey was involved in the first ever freight deal settled in Bitcoin in January 2018, which occurred as part of a recent pilot scheme when a shipment of wheat from Russia was landed at the Turkish port of Samsun,” continued Mr Walker. “The obvious benefits of cryptocurrency as a cross-border payment system are as applicable to international property-investors as they are to pan-continental commodity traders. Meanwhile, last month an amateur Turkish football side claimed to be the first team to pay for a player with a cryptocurrency!”

Earlier this month, Turkey hosted the annual Blockchain and Bitcoin Conference in Istanbul, which brought together 500 experts and representatives from the around the world to discuss blockchain and future opportunities and applications for the technology.

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