Tether has reportedly proposed using blockchain technology to create digital tokens representing Turkey’s boron reserves.
Stablecoin issuer Tether seeks to convince Turkey to use digital assets to overhaul the nation’s boron market, the latest sign of the crypto linchpin tapping the commodity sector for growth https://t.co/3cVb8vyJ7d
— Bloomberg Crypto (@crypto) October 24, 2024
According to a Thursday report by Bloomberg, Tether presented the idea to Turkish officials during discussions about the potential for a boron-backed digital token and the possibility of establishing a digital-asset exchange in Istanbul.
Tether in Discussion with Turkish Officials
The discussions included Tether’s meetings with Turkish officials such as the Vice President and the Energy Minister, focusing on the potential use of blockchain technology in Turkey’s boron market.
The proposal involved creating digital tokens that represent borate minerals, which are key to Turkey’s exports through the state-owned miner, Eti Maden.
Boron, used in various industries like ceramics and glass production, is one of Turkey’s strategic resources.
“Turkey’s monopoly provider, state-owned miner Eti Maden Isletmeleri Genel Mudurlugu, estimates the country has over 70% of global reserves. The government predicts about $1.3 billion of sales in 2024,” the report reads.
A Turkish government official mentioned that implementing such a tokenized system for boron would be complex and is not currently feasible.
The talks with Tether are in the early stages, with no definitive agreements reached.
Turkey’s crypto market has drawn attention due to significant inflows, partly driven by economic instability and high inflation.
Data from Chainalysis shows that the country attracted around $137 billion in crypto inflows over the past year, ranking among the highest globally.
Binance Terminates Retail Referral in Turkey
Binance recently announced the termination of its retail referral program for users in Turkey, citing compliance with local regulations as the reason for this change.
@Binance ends its retail referral program in Turkey due to evolving local regulations. Other services remain unaffected, as the exchange continues to adapt to Turkey’s crypto laws.#Binance #TurkeyCryptohttps://t.co/uE9gzCKu4c
— Cryptonews.com (@cryptonews) October 23, 2024
This move comes after Binance, along with other crypto exchanges, registered their operations with Turkey’s Capital Markets Board (CMB) earlier in the year.
Binance explained that referral codes accessed through Binance.com are now invalid for Turkish users, and the feature is no longer available for retail customers.
However, the exchange assured that other services offered to Turkish users would remain unaffected.
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