Turkey Enables Crypto Wallets to Collect Aid

Turkey Enables Crypto Wallets to Collect Aid

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An editor at Coincrop

08 Feb 2023 | 6 min read


n a remarkable turn of events, an influential Turkish singer successfully persuaded the country's regulatory body to permit three wallets to gather funds, despite the fact that this type of activity is currently prohibited in Turkey. This extraordinary decision will offer people much-needed financial aid during these challenging times.

The renowned Turkish vocalist Haluk Levent, acknowledged for his humanitarian nature, contacted MASAK - Turkey's financial regulator - and persuaded them to endorse cryptocurrency donations in order to assist with the earthquake relief effort.

Turkish crypto members of Twitter have been passionately advocating to the government, encouraging them to create a crypto wallet for donations. Influencers from the cryptocurrency world are leading this mission by amplifying their message and stretching beyond typical rules.

Although it is not currently legal to open a cryptocurrency wallet to collect donations in Levent's country, he reached out to his fans via Twitter and conducted a poll to see if he should try registering one in his name.

After the majority of voters were in favor of this idea, Levent contacted MASAK to request permission. 10 hours later, the watchdog said it would allow three wallets to actively collect donations for a week.

Six hours of operation has already yielded the wallets over $2 million—equating to an impressive 37 billion Turkish Lira. Levent promised to convey this liquidity quickly and accurately, transferring it directly into "Ahbap," a non-profit organization devoted towards disaster relief.

In order to assist those impacted by the recent earthquakes, a collaborative effort has been formed between Stevedabitcoin, BitFinex CTO Paolo Ardoino and Tether (USDT). This initiative is an example of how the global cryptocurrency community can come together in times of need.

Shortly after the crisis, BitFinex and Tether announced their generous contribution of 5 million Turkish Lira ($265,508) to support those affected by this disaster. While a portion will be allocated to help with immediate needs in areas afflicted by these earthquakes, another segment has been set aside for aiding in recovery efforts once rebuilding is underway.

The leading crypto exchange Binance and its CEO Changpeng Zhao (CZ) have been intently following the news. He shared that he and his team have been working on a project to assist Turkey in light of recent developments.

Binance announced that it will distribute a total of $5 million worth of BNB tokens to the people affected by the earthquakes in various cities. Each individual can expect to receive up to $100 from this donation.

On February 6th, the southeastern region of Turkey experienced a devastating earthquake sequence. At 04:17 am, an intense 7.7 magnitude quake rumbled through the area, followed by a powerful aftershock at 04:26 with a magnitude of 6.4 and culminating in another shockwave with 7.6 intensity at 13:24 that day- making it one of the most potent seismic sequences to ever hit this particular area! Subsequently there have been over 180 aftershocks recorded.

From the instant of disaster, Turkey's Crypto community has taken action to offer aid. After the third earthquake, a level-4 alarm was issued and international assistance requested by Turkey. Present data demonstrates that more than 11,302 structures were destroyed resulting in 13.5 million people affected by this tragedy.



An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.

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