Yapı Kredi Deputy General Manager Yakup Doğan made statements to Anadolu Agency about cryptocurrencies. Stating that the need for physical money will decrease, Doğan said, “The idea of ​​digital money, which is a centralized crypto currency, was starting to gain strength, but it was said that there was still time. Our country can be a part of the digital system in this trend in the world. Istanbul can be a digital finance center,” he said.

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of the Covid-19 epidemic Talking about its impact on the banking sector and technology, Doğan also emphasized the importance of digital currencies. Doğan, as Yapı Kredi digital banking He stated that they aim to remove the borders in the field. Dogan said:

“We foresee that the new era will be a period in which transactions in the physical world will be transferred to digital. With the experience of the epidemic process, we will witness that transactions that require more wet signatures are now transferred to digital in the new period. In this context, we can say that banking services based on commercial papers such as promissory notes, checks, policies, vehicle pledges, housing loan deed transactions, mortgage transactions will be transformed into digital with legislation and technology. Our country is in a good spot in terms of payment systems, but it is not fully digitalized in terms of payment methods. In other words, the methods of payment are digitalized and work with a technology or software. However, the experience of payment is not digital on both the customer and workplace side. There is a technological infrastructure with a barter system behind, but the experience is still very physical. Card is physical, POS is physical, what we touch is physical… However, the use of NFC to send money from individual to individual and the ability to make transactions with QR Code are becoming more and more common. This will be a factor that will reduce the use of cash.”

Physical Instruments Will Transform To Digital

Doğan stated that many physical instruments will be transformed into digital. Doğan, emphasizing cryptocurrencies, used the following statements:

“We are entering a completely different era in which physical instruments in banking, especially money, will turn into digital. We can say that the era of digital civilization begins. It will be a period when we will carry everything from A to Z to the digital world. We are close to saying goodbye to physical money. There were already efforts to transition into a cashless society. The need for physical money will now decrease even more. The idea of ​​digital money, which is a centralized cryptocurrency, was starting to gain strength, but it was said that there was still time. Our country can be a part of the digital system in this trend in the world. Istanbul can be a digital financial center.”