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How did the Turkish crypto ecosystem survive 2020?

Turkey started off strong in crypto and blockchain in 2020 — then the pandemic happened.

Turkey’s crypto and blockchain ecosystem welcomed 2020 with big ambitions and a strong track record from 2019, which was its best year…

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Turkey started off strong in crypto and blockchain in 2020 — then the pandemic happened.


Turkey’s crypto and blockchain ecosystem welcomed 2020 with big ambitions and a strong track record from 2019, which was its best year ever in terms of adoption. Following the release of Statista’s “Global Consumer Survey 2019,” which lists Turkey as a global leader by a wide margin in terms of crypto use, one major crypto exchange after another announced plans to set up shop in the country.

Huobi and Binance established their offices in Istanbul, Turkey’s biggest city and business center. Big players from Europe like Crypto.com and Bitpanda showed clear interest in the Turkish crypto ecosystem. The Turkish lira, the national currency of the country, became a regular trading pair on global exchanges.

The Turkish government and public sector took active steps toward blockchain adoption: After announcing plans for a national blockchain infrastructure, the government also detailed a roadmap for a national central bank digital currency. Turkey’s 2020 Annual Presidential Program set the end of 2020 as a deadline for the pilot tests of a national blockchain-based digital lira. Around the same time, the country’s financial watchdog Capital Markets Board of Turkey announced its plans to design a regulatory framework for crypto.

The Turkish crypto ecosystem was getting ready for a high-octane year at the beginning of 2020, but the pandemic happened, and many aspects of this multilayered progression had to hit the brakes hard.

Not so different from the rest of the world

It is hard to talk about the future of money, innovations or new trends if they are not going to provide immediate relief during this period where people are gathered in front of TV screens to get updates on matters of life and death. When the pandemic first hit, nobody in Turkey cared about crypto for a couple of months. Even the 2020 Bitcoin (BTC) halving, the first one since its previous all-time high in 2017, failed to get the attention of the masses.

People needed — and still need —efficient access to healthcare and medicine, clarity on the progress on vaccinations, and only after that, a safe haven to securely store their assets. Bitcoin can only provide the last one. Therefore, the conversations about crypto during the early period of the pandemic were limited.

Bitcoin all-time high against the Turkish lira

2020 was not a bright year for the Turkish economy. COVID-19 was certainly not the only factor affecting an already struggling country. But the pandemic-driven panic, uncertainty and tough calls from the government to cope with the outbreak resulted in a sharp fall for the Turkish lira against Bitcoin, the U.S. dollar and most other currencies in the global market. Johns Hopkins University professor Steve Hanke, who called lira “toast” on Twitter, claimed that “Turkey has run out of ammunition in its futile defense of the hopeless lira” and the only solution is a gold-backed currency.

Turkish crypto markets tell a slightly different story, though. People who stayed at home during prolonged periods were intrigued by digital assets that were easy to reach and trade, and more people started to give crypto a chance as a new asset. Thanks to Bitcoin halving, the recent boom in decentralized finance projects, and BTC price nearing $20,000 once again, Turkey-based crypto exchanges and global players that target Turkish users shared impressive numbers in the second half of the year. BtcTurk, a leading local crypto exchange, announced in August that over 1 million users were trading on the platform.

A big spike in trade volume was also revealed by another major exchange: In an interview with Cointelegraph Turkey, Paribu CEO Yasin Oral highlighted that during the recent bull run in the crypto markets, the platform saw exponential growth in daily trading volume, occasionally going over $200 million.

This volatile activity of the Turkish lira has attracted the attention of global markets during 2020. The lira-pegged stablecoin BiLira (TRYB) was listed on many global exchanges such as Bittrex and BTSE.

Top cryptocurrencies in Turkey

Turkey’s Information and Communication Technologies Authority published its “Cryptocurrency Research Report” in September. This survey has two important results:

First, the five most heavily invested cryptocurrencies in Turkey are Bitcoin, XRP, DigiByte (DGB), Bitcoin Cash (BCH), and Stellar Lumen (XLM), respectively. That leaves regulars from the global charts such as Ether (ETH) and Litecoin (LTC) out of the top five.

Second, the report claims that the number of crypto owners in Turkey is 2.4 million, or around 3% of the population. These numbers conflict with Statista’s previous report, which claims that 20% of 80 million people living in Turkey has “crypto exposure.” Moreover, another survey titled “Cryptocurrency Awareness and Perception Survey” claims that crypto use among Turkish people is actually less than 1%. Those two reports hang a big red question mark over Turkey’s global leadership in crypto adoption, which was the talk of 2019.

Football is a gateway to crypto for Turkey

No yearly roundup involving Turkey would be complete without a nod to football, the most popular sport in the country, which is also rooted deep in its culture. In 2020, football and crypto came closer than ever thanks to a number of partnerships and fan tokens.

BtcTurk became a major sponsor of both the women’s and men’s Turkish national football teams on the road to next year’s UEFA European Championship. This sponsorship has provided crypto in general, BtcTurk and BTC itself with potentially high exposure during international football matches.

Chiliz, a sports- and entertainment-focused fintech firm, introduced a number of major Turkish football teams to its blockchain-based fan token platform, Socios. Football clubs Galatasaray and Trabzonspor have already launched fan tokens, enabling a new way for fans to support their favorite teams, while Istanbul Basaksehir has announced plans to launch on Socios before the end of 2020. Several reports highlight that other major clubs like Besiktas and Fenerbahce are going to follow suit in 2021.

In order to reach more local users, Socios has also partnered with Paribu to list fan tokens. The first project listed on the local trading platform, Galatasaray Fan Token, saw more than $2 million in volume in less than 24 hours, proving there is strong interest in fan tokens from Turkish users. Paribu CEO Oral noted that there is a significant user base “that gets to know Galatasaray Fan Token before they become aware of Bitcoin or any other crypto.”

What to expect from 2021?

Turkey is closing 2020 without a blockchain-based national currency or a clear regulation on crypto. But that doesn’t mean the government is on a hiatus altogether. Regulatory forces are very active in the Anti-Money Laundering aspect of crypto, and local trading platforms confirm that they are constantly in touch with authorities about any suspicious activities.

They are expecting a welcoming regulatory framework to support the growth of Turkey as a regional hub for crypto and blockchain projects in 2021 and beyond. No matter what, Cointelegraph will continue to cover more stories from Turkey as the only global crypto media platform with a dedicated team in the country.

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Illegal Immigrants Leave US Hospitals With Billions In Unpaid Bills

Illegal Immigrants Leave US Hospitals With Billions In Unpaid Bills

By Autumn Spredemann of The Epoch Times

Tens of thousands of illegal…

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Illegal Immigrants Leave US Hospitals With Billions In Unpaid Bills

By Autumn Spredemann of The Epoch Times

Tens of thousands of illegal immigrants are flooding into U.S. hospitals for treatment and leaving billions in uncompensated health care costs in their wake.

The House Committee on Homeland Security recently released a report illustrating that from the estimated $451 billion in annual costs stemming from the U.S. border crisis, a significant portion is going to health care for illegal immigrants.

With the majority of the illegal immigrant population lacking any kind of medical insurance, hospitals and government welfare programs such as Medicaid are feeling the weight of these unanticipated costs.

Apprehensions of illegal immigrants at the U.S. border have jumped 48 percent since the record in fiscal year 2021 and nearly tripled since fiscal year 2019, according to Customs and Border Protection data.

Last year broke a new record high for illegal border crossings, surpassing more than 3.2 million apprehensions.

And with that sea of humanity comes the need for health care and, in most cases, the inability to pay for it.

In January, CEO of Denver Health Donna Lynne told reporters that 8,000 illegal immigrants made roughly 20,000 visits to the city’s health system in 2023.

The total bill for uncompensated care costs last year to the system totaled $140 million, said Dane Roper, public information officer for Denver Health. More than $10 million of it was attributed to “care for new immigrants,” he told The Epoch Times.

Though the amount of debt assigned to illegal immigrants is a fraction of the total, uncompensated care costs in the Denver Health system have risen dramatically over the past few years.

The total uncompensated costs in 2020 came to $60 million, Mr. Roper said. In 2022, the number doubled, hitting $120 million.

He also said their city hospitals are treating issues such as “respiratory illnesses, GI [gastro-intenstinal] illnesses, dental disease, and some common chronic illnesses such as asthma and diabetes.”

“The perspective we’ve been trying to emphasize all along is that providing healthcare services for an influx of new immigrants who are unable to pay for their care is adding additional strain to an already significant uncompensated care burden,” Mr. Roper said.

He added this is why a local, state, and federal response to the needs of the new illegal immigrant population is “so important.”

Colorado is far from the only state struggling with a trail of unpaid hospital bills.

EMS medics with the Houston Fire Department transport a Mexican woman the hospital in Houston on Aug. 12, 2020. (John Moore/Getty Images)

Dr. Robert Trenschel, CEO of the Yuma Regional Medical Center situated on the Arizona–Mexico border, said on average, illegal immigrants cost up to three times more in human resources to resolve their cases and provide a safe discharge.

“Some [illegal] migrants come with minor ailments, but many of them come in with significant disease,” Dr. Trenschel said during a congressional hearing last year.

“We’ve had migrant patients on dialysis, cardiac catheterization, and in need of heart surgery. Many are very sick.”

He said many illegal immigrants who enter the country and need medical assistance end up staying in the ICU ward for 60 days or more.

A large portion of the patients are pregnant women who’ve had little to no prenatal treatment. This has resulted in an increase in babies being born that require neonatal care for 30 days or longer.

Dr. Trenschel told The Epoch Times last year that illegal immigrants were overrunning healthcare services in his town, leaving the hospital with $26 million in unpaid medical bills in just 12 months.

ER Duty to Care

The Emergency Medical Treatment and Labor Act of 1986 requires that public hospitals participating in Medicare “must medically screen all persons seeking emergency care … regardless of payment method or insurance status.”

The numbers are difficult to gauge as the policy position of the Centers for Medicare & Medicaid Services (CMS) is that it “will not require hospital staff to ask patients directly about their citizenship or immigration status.”

In southern California, again close to the border with Mexico, some hospitals are struggling with an influx of illegal immigrants.

American patients are enduring longer wait times for doctor appointments due to a nursing shortage in the state, two health care professionals told The Epoch Times in January.

A health care worker at a hospital in Southern California, who asked not to be named for fear of losing her job, told The Epoch Times that “the entire health care system is just being bombarded” by a steady stream of illegal immigrants.

“Our healthcare system is so overwhelmed, and then add on top of that tuberculosis, COVID-19, and other diseases from all over the world,” she said.

A Salvadorian man is aided by medical workers after cutting his leg while trying to jump on a truck in Matias Romero, Mexico, on Nov. 2, 2018. (Spencer Platt/Getty Images)

A newly-enacted law in California provides free healthcare for all illegal immigrants residing in the state. The law could cost taxpayers between $3 billion and $6 billion per year, according to recent estimates by state and federal lawmakers.

In New York, where the illegal immigration crisis has manifested most notably beyond the southern border, city and state officials have long been accommodating of illegal immigrants’ healthcare costs.

Since June 2014, when then-mayor Bill de Blasio set up The Task Force on Immigrant Health Care Access, New York City has worked to expand avenues for illegal immigrants to get free health care.

“New York City has a moral duty to ensure that all its residents have meaningful access to needed health care, regardless of their immigration status or ability to pay,” Mr. de Blasio stated in a 2015 report.

The report notes that in 2013, nearly 64 percent of illegal immigrants were uninsured. Since then, tens of thousands of illegal immigrants have settled in the city.

“The uninsured rate for undocumented immigrants is more than three times that of other noncitizens in New York City (20 percent) and more than six times greater than the uninsured rate for the rest of the city (10 percent),” the report states.

The report states that because healthcare providers don’t ask patients about documentation status, the task force lacks “data specific to undocumented patients.”

Some health care providers say a big part of the issue is that without a clear path to insurance or payment for non-emergency services, illegal immigrants are going to the hospital due to a lack of options.

“It’s insane, and it has been for years at this point,” Dana, a Texas emergency room nurse who asked to have her full name omitted, told The Epoch Times.

Working for a major hospital system in the greater Houston area, Dana has seen “a zillion” migrants pass through under her watch with “no end in sight.” She said many who are illegal immigrants arrive with treatable illnesses that require simple antibiotics. “Not a lot of GPs [general practitioners] will see you if you can’t pay and don’t have insurance.”

She said the “undocumented crowd” tends to arrive with a lot of the same conditions. Many find their way to Houston not long after crossing the southern border. Some of the common health issues Dana encounters include dehydration, unhealed fractures, respiratory illnesses, stomach ailments, and pregnancy-related concerns.

“This isn’t a new problem, it’s just worse now,” Dana said.

Emergency room nurses and EMTs tend to patients in hallways at the Houston Methodist The Woodlands Hospital in Houston on Aug. 18, 2021. (Brandon Bell/Getty Images)

Medicaid Factor

One of the main government healthcare resources illegal immigrants use is Medicaid.

All those who don’t qualify for regular Medicaid are eligible for Emergency Medicaid, regardless of immigration status. By doing this, the program helps pay for the cost of uncompensated care bills at qualifying hospitals.

However, some loopholes allow access to the regular Medicaid benefits. “Qualified noncitizens” who haven’t been granted legal status within five years still qualify if they’re listed as a refugee, an asylum seeker, or a Cuban or Haitian national.

Yet the lion’s share of Medicaid usage by illegal immigrants still comes through state-level benefits and emergency medical treatment.

A Congressional report highlighted data from the CMS, which showed total Medicaid costs for “emergency services for undocumented aliens” in fiscal year 2021 surpassed $7 billion, and totaled more than $5 billion in fiscal 2022.

Both years represent a significant spike from the $3 billion in fiscal 2020.

An employee working with Medicaid who asked to be referred to only as Jennifer out of concern for her job, told The Epoch Times that at a state level, it’s easy for an illegal immigrant to access the program benefits.

Jennifer said that when exceptions are sent from states to CMS for approval, “denial is actually super rare. It’s usually always approved.”

She also said it comes as no surprise that many of the states with the highest amount of Medicaid spending are sanctuary states, which tend to have policies and laws that shield illegal immigrants from federal immigration authorities.

Moreover, Jennifer said there are ways for states to get around CMS guidelines. “It’s not easy, but it can and has been done.”

The first generation of illegal immigrants who arrive to the United States tend to be healthy enough to pass any pre-screenings, but Jennifer has observed that the subsequent generations tend to be sicker and require more access to care. If a family is illegally present, they tend to use Emergency Medicaid or nothing at all.

The Epoch Times asked Medicaid Services to provide the most recent data for the total uncompensated care that hospitals have reported. The agency didn’t respond.

Continue reading over at The Epoch Times

Tyler Durden Fri, 03/15/2024 - 09:45

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Fast-food chain closes restaurants after Chapter 11 bankruptcy

Several major fast-food chains recently have struggled to keep restaurants open.

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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home. 

Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems. 

It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.  

Related: Wendy's menu drops a fan favorite item, adds something new

Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.

RBI also stepped in and purchased one of its key franchisees.

"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states." 

The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.

Burger King lost hundreds of restaurants in 2023.

Image source: Chen Jianli/Xinhua via Getty

Another fast-food chain faces bankruptcy problems

Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.

"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.

Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public. 

That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.

Bojangles has a messy bankruptcy situation

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported. 

Bojangles sent the station a comment on the situation.

"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."

Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.

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Industrial Production Increased 0.1% in February

From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…

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From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.
emphasis added
Click on graph for larger image.

This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).

Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022.  This was below consensus expectations.

Note: y-axis doesn't start at zero to better show the change.


Industrial Production The second graph shows industrial production since 1967.

Industrial production increased to 102.3. This is above the pre-pandemic level.

Industrial production was above consensus expectations.

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