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Users can now use their BiLira ERC-20 tokens to purchase Bitcoin (BTC) and USDT on Bittrex Global.
The announcement states that there are currently 20 million BiLira tokens in supply. TRYB tokens are minted upon deposit and an identity verification process is performed prior to issuance. Users then redeem their tokens for fiat currency and transfer them over the network using the BiLira platform.
Speaking with 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 stablecoin backed by fiat currency, and emerging countries will be the first to adopt them due to the lack of a stronger economic infrastructure.
“The stablecoin backed by the Turkish lira would be the gateway to next-generation finance for the cryptocurrency-savvy Turkish population,” explained Vidal Arditi, BiLira’s chief operating officer, as it will allow more freedom for users by moving away from more centralized structures:
“Listing BiLira on a global crypto exchange would allow Turks to participate in the global economy. In addition, it will open an alternative financial channel between Turkish citizens living abroad and their relatives in the country.”
Defining BiLira as a reliable fiat ramp for 80 million people to purchase cryptocurrencies with Turkish lira, Bittrex Global CEO Tom Albright marked the company’s plans for Turkey:
“With partnerships like BiLira, we intend to bring more financial services to the Turkish market as more and more people invest and become interested in digital assets.”
In May, BiLira received a spot listing on BTSE. Vidal Arditi then told Cointelegraph that Turkish citizens predominantly use cryptocurrencies for trading and to hedge risk, and the country’s cultural nuances resonate with blockchain and cryptocurrency.
