turkey to ban cryptocurrencies

Central Bank of Turkey is to Ban The Use of Cryptocurrencies

According to a recent announcement by the Central Bank of the Republic of Turkey, the bank will ban the use of cryptocurrencies through out the country. But the bank mentioned the term, “Payments

The announcements has been broadcasted on 16th April, 2021. It includes, crypto-assets cannot be used directly or indirectly for payments. And no firm around the country can provide service.

turkey banned cryptocurrency

However, the CB’s thoughts on cryptocurrencies seems weird. Here’s why. CB of Turkey said in the announcement, cryptocurrencies are not regulated by a central authority, are volatile, their transactions are irrevocable, and could be used for illegal activities as cryptocurrencies are anonymous.

The CB took those facts and reasoned them to ban cryptocurrency payments across the country. As follows, the regulation comes live on April 30, 2021.

“Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and cannot provide any services related to such business models,”

However, there is something to take off. Banks in turkey are excluded from the regulation. The regulations is for payment providers. They will be unable to provide deposit or withdrawal for cryptocurrency exchanges. Users can still deposit Turkish Lira on cryptocurrency exchanges using wire transfers from their banks.

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