Tether Proposes Tokenization of Turkey’s Boron Reserves with Potential Blockchain Exchange in Istanbul
Tether has reportedly discussed plans with Turkish officials to tokenize Turkey’s vast boron reserves, a strategic mineral central to the country’s exports. According to a recent Bloomberg report, Tether proposed a boron-backed digital token to key Turkish government figures, including the Vice President and Energy Minister, during meetings focused on integrating blockchain technology into Turkey’s boron industry. The proposal is still in early discussions, with no official commitments.
Tether’s Proposal for Boron-Backed Digital Tokens and Istanbul-Based Blockchain Exchange
The discussions focused on developing digital tokens representing borate minerals, one of Turkey’s significant exports handled by the state-owned miner Eti Maden. Boron, essential for industries like ceramics and glass, is a critical Turkish resource. Eti Maden, Turkey’s monopoly provider of boron, estimates the country holds more than 70% of the world’s boron reserves, with expected sales reaching $1.3 billion in 2024. However, a Turkish government official indicated that tokenizing boron assets would be complex and is not immediately feasible.
Tether’s interest reflects Turkey’s growing cryptocurrency market, which has attracted around $137 billion in crypto inflows over the past year, driven in part by economic uncertainty and inflationary pressures. This inflow ranks Turkey among the top crypto markets globally, according to data from Chainalysis.
Binance Adjusts Turkish Retail Services
In related news, Binance recently discontinued its retail referral program for Turkish users to comply with local regulations. The decision follows Binance’s registration with Turkey’s Capital Markets Board (CMB) and affects referral codes accessed via Binance.com, now inactive for retail users in Turkey. However, Binance confirmed that other services for Turkish customers remain available.
