VIDEO Finance Turks turn to crypto to ‘escape’ currency fluctuations By Shruthi Nair August 28, 2024, 9:40 AM As blockchain platform Tether introduces the first dirham-pegged stablecoin – cryptocurrencies whose value is tied to a currency, commodity or financial instrument – in the UAE, AGBI looks into how unstable economies such as Turkey have used cryptocurrencies as a hedge against inflation. Turkey banned the use of cryptocurrencies for payments in 2021, the same year the financial action task force downgraded it to the grey list over money laundering concerns. However, the Turkish lira is the most traded currency on Tether, ahead of the dollar and euro, as investors see Tether as an “escape point”, according to crypto expert Helin Celik. Watch the full video to find out how the UAE plans on using stablecoins More videos from AGBI Tech to help UAE’s baqalas hold off larger grocery rivals GCC investors in UK warned of new tax liabilities Dubai Humanitarian and the Mena aid challenge