The volume of bitcoin online transactions has increased in Turkey after PayPal has stopped its operations in the country from June 6 following the non-approval of its license.
According to a Turkish bitcoin exchange BTCTurk, it claimed a record of 4696 BTC in volume between the period of May 28 and June 3. PayPal in Turkey has shut down since its license was not approved by Banking Regulation and Supervision Agency on the grounds of its failure to comply the stipulated law.
Meanwhile, a bitcoin exchange in the country has claimed a higher trade volume, post the shutdown of PayPal. Bitwala which is a payment service provider has filled in the gap after PayPal’s exit and is offering completely free bitcoin debit cards to Turkish citizens for a limited time.
Speaking to cointelegraph.com, Bitwala said, “We understand the importance and the need for a super convenient, lighting-fast, and low- cost way of making payments. We also understand that with PayPal out of the picture, there is a void in options for digital payment that we believe could be filled with the help of Bitcoin.”
Bitwala also mentioned that people should have the control over their money and should have the freedom to choose and handle their financials and not the government. The free transfer that it provides for the Turkish users is because they want the people to get benefited from using bitcoin without the government accessing or controlling their money.
Turkish Economy Minister Nihat Zeybekci is confident that the country is on the right path to achieve its growth. Talking about the bitcoin impact on the market, Bitwala stated to cointelegraph.com that, “With the media exposure on the PayPal exit and highlight on Bitcoin, we think this will definitely and positively impact the market.” It also said that people will definitely recognize the value of bitcoin and the country can expect a rise in trading volumes.
