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Cryptocurrency firm Tether has proposed creating digital tokens backed by borate minerals. The Turkish government acknowledged the idea but stated it cannot be implemented currently. In addition to hosting a digital asset exchange in Istanbul, Tether’s CEO emphasized the company’s commitment to promoting innovation in the Turkish digital asset sector. Tether has reportedly been discussing the proposition with Turkish government officials to expand its operations within the country, given that Turkey is one of the world’s largest markets for stablecoins.

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Tether, a leading company in the cryptocurrency world, has suggested to the Turkish government that they could create digital tokens representing borate minerals. While those in government have said that Tether’s idea can’t be implemented at the moment, there are conversations beginning about the proposal.

Tether also suggested the possibility of setting up a digital asset exchange in Istanbul. Borate minerals are used in various goods like ceramics, detergents, and glassmaking, and Turkey has more than 70% of the world’s supply. Last year, Turkey made around $1.3 billion in sales from boron alone.

Tether’s idea is to use the boron reserves to back a new type of digital currency. This goes hand in hand with a growing trend in the crypto world, where real assets are used to back digital tokens.

Tether’s CEO, Paolo Ardoino, didn’t confirm Turkey’s proposed project but strongly emphasized how committed Tether is to encouraging innovation in Turkey’s digital asset scene. He mentioned how Turkey is becoming a key place for blockchain technology and how Tether is keen to support this continued growth and new opportunities in the region.

Tether has been actively meeting and engaging with Turkish government officials over the past few months to talk about the crypto industry and potential regulations. This shows Tether’s commitment to expanding their operations in Turkey and promoting wider adoption of crypto within the country.

Tether’s focus on Turkey aligns with its recognition as one of the world’s biggest markets for stablecoins. Stablecoins like Tether’s are popular in countries with volatile local currencies, since stablecoins aren’t subject to the same dramatic price fluctuations.

Source: Cointelegraph