Users can now use BiLira ERC-20 tokens to buy Bitcoins (BTC) and USDT on Bittrex Global.
The announcement states that there are currently 20 million BiLira tokens in existence. TRYB coins are minted at the time of deposit and an identity check is carried out before issuance. Users then exchange the tokens for fiat currency and transfer them to the network using the BiLira platform.
In a conversation with Cointelegraph Turkey, the BiLira team explained that emerging countries like Turkey have a different perspective on cryptocurrencies due to their fragile economy and liquidity problems in US dollars. BiLira expects each country to have a national stable currency backed by fiat currencies, and new countries will be the first to adopt it due to the lack of a stronger economic infrastructure.
“A stable currency backed by the Turkish Lira will be the gateway to funding the next generation of Turkish cryptocurrency enthusiasts,” explained Vidal Arditi, CEO of Peleira, as it will give users more freedom through access to more centralized structures. :
“The inclusion of BiLira in the global cryptocurrency exchange will enable the Turkish people to participate in the global economy. It will also open up an alternative funding channel between Turkish citizens living abroad and their relatives in the country. ”
Tom Albright, CEO of Bittrex Global, outlined the company’s plans for Turkey:
“Through a partnership like BiLira, we plan to provide more financial services to the Turkish market as more and more people invest and take an interest in digital assets.”
In May, BiLira was immediately listed on BTSE. Vidal then told Arditi Cointelegraph that Turkey’s residents mostly use crypto assets for trading and security risk, and that the country’s cultural nuances resonate with blockchain and cryptocurrency.