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How do you deal with this? Do you keep your money in a foreign bank with a different currency?
by driverdan 4y ago
How do you deal with this? Do you keep your money in a foreign bank with a different currency?
- SXX 4y agoTurkish banks still have foreign currency accounts and its not being confiscated by government in any way (so far). Exhcnage rates from EUR / USD to Turkish Lira is generally extremely close to FX rate. Ziraat exchange rate is better than one of Wise when markets are open.. And for those in Turkey who worry about economy and banks failing there are crypto exchange on every corner. You can turn USDT into USD cash and other way around for 2-3% fee.
- koheripbal 4y agoThis is the unspoken true role of "stablecoin" crypto - avoiding gov't currency controls.
- dageshi 4y agoI would guess confiscation (forced replacement with lira) is not that many steps ahead. The trigger would likely be if the government sees people starting to move their foreign currency accounts out of the country.
- dizhn 4y agoThis is already being applied to companies selling to foreign countries. As soon as you receive your payment you are forced to convert to TRY. You have to kind of immediately convert back to foreign currency and take the exchange markup and fees hit if you hope to be able to get new raw materials. Very few materials can be sourced locally. You also cannot enter contracts with foreign currency domestically anymore. The government has done almost everything save for flat out banning foreign currencies.
- topper-123 4y ago> there are crypto exchange on every corner. I don't use cryptocurrencies, could you explain how corner crypto exchanges work? I didn't even know that was a thing.
- SXX 4y agoUsually you just come to their office, send them USDT via TRON TRC20 and they give you USD cash.
- alchemist1e9 4y agoI’m in Turkey currently and I do not see crypto exchanges on every corner.
- SXX 4y agoWhere exactly in Turkey are you? In Istanbul and Antalya they're literally everywhere. There are no less crypto exchanges than money transfer points like Western Union.
- alchemist1e9 4y agoI’m in Bursa currently, bought gold in the old Bazar today, I was in Istanbul last week. Perhaps I’m blind but I’m pretty sure I would notice Bitcoin logos if I was seeing them.
- SXX 4y agoThis is really strange. A lot of currency exchange points in Istanbul also have USDT signs if you ask them. There also like 3-4 points close to Grand Bazaar with BTC and USDT ads on them.
- akvadrako 4y agoI've been in Istanbul this week and have seen at least 50 places with Bitcoin signs. Seems like every currency exchange point had them.
- alchemist1e9 4y agoI’ll look more closely when I’m back in Istanbul. I wonder if it is focused on tourist areas or locations? I’m living as average Turk not currently in tourist focused areas.
- SXX 4y agoYeah they're mostly in more touristic areas. A lot of normal exhchanges and Western Union / MoneyGram points also provide crypto exchange services.
- mrighele 4y agoKeep in mind that the Turkish government is planning to heavily regulate the crypto market too. I remember reading that they were going to require a license for companies operating in the crypto market, and forbid transfers outside of licensed operators, which makes the whole idea kinda moot (unless you're in for the speculation), since at that you might as well just keep your money in the bank. On the other side, I remember seeing one Bitcoin ATM in Istanbul.
- can16358p 4y agoCurrently no problem with foreign currencies at local banks. Though I keep a significant portion in crypto hard wallets anyway.