Putin’s war could make central banks a crypto battlefield

Alarming dip: A money changer holds Turkish lira and US dollar banknotes in Ankara. The lira had lost 44% of its value against the dollar in one year. — Reuters

BEFORE it handed over the dubious mantle of the world’s worst-performing currency to the Russian ruble, the Turkish lira had lost 44% of its value against the dollar in one year.

Its purchasing power at home also waned: Depending on whether you believe official statistics or private estimates, inflation in Turkey is anywhere between 54% to 124%. So how did the locals react? For one, the tech-savvy classes went the crypto way.