Users can now use their ERC-20 BiLira tokens to buy Bitcoin (BTC) and Ethereum (ETH) on Bittrex Global.
The announcement states that there are currently 20 million BiLira tokens in supply. TRYB tokens are minted at the time of deposit, and an ID verification process takes place before the issuance. Users then redeem their tokens for fiat currency and transfer them on the network using the BiLira platform.
Speaking to Cointelegraph Turkey, the BiLira team explained that emerging countries like Turkey have a different perspective on cryptocurrencies due to their fragile economies and liquidity problems with the US dollar. BiLira predicts that each country will have its own national fiat currency-backed stablecoin, and emerging countries will be first to adopt them due to the lack of a more solid economic infrastructure.
“The Turkish Lira backed stablecoin would be the doorway to the next-gen finance for Turkey’s crypto-savvy population,” BiLira COO Vidal Arditi explains, as it will enable more freedom for users thanks to departing from more centralized structures:
“BiLira’s listing on a global crypto exchange would enable Turkish people to participate in the global economy. Also, it will open an alternative finance channel between Turkish citizens who live abroad and their relatives in the country.”
Defining BiLira as a reliable fiat on-ramp for 80 million people to purchase crypto with Turkish Lira, Bittrex Global CEO Tom Albright marked their plans for Turkey:
“With partnerships like BiLira, we plan to bring more financial services to the Turkish market as more and more people invest and become interested in digital assets.”
In May 2020, BiLira received a spot listing on BTSE. Vidal Arditi then told Cointelegraph that Turkey’s citizens predominantly use crypto assets for trading and to hedge risk, and the cultural nuances of the country resonate with blockchain and cryptocurrency.