Bitcoin businesses to surge in Turkey after PayPal ban

Recently, PayPal announced that intents to suspend its Turkish operations after the country’s financial regulators denied PayPal’s application for a Turkish payments license. The same regulations apply to almost all international payment services provider and according to reports by NASDAQ and TechCrunch, more companies may soon face the same issue.

The company’s shutting down leaves a gap in peer to peer transactions and merchant payment solutions sectors. Bitcoin can accommodate both the sectors and it doesn’t need any licenses. There are currently no statistics available with the Turkish Bitcoin exchanges and services which can suggest the viability of such a solution, according to newsbtc.com. Until now, there was no need for alternative fund transfer and payments systems involving digital currency. But the need for alternative services following the closure of PayPal may help Bitcoin grow in the region.

Bitcoin companies already realize the golden opportunity that is within their grasp and they are getting ready to utilize it to the full potential.