Turkey Bans Paying With Crypto Coins

From the end of this month, it is no longer allowed to make purchases with crypto coins in Turkey. The Turkish central bank warns against abuse.

 

CBRT, the Turkish central bank, bans (as a means of payment) crypto coins and other digital assets based on distributed ledger technology. Payment services are also not allowed to develop services based on the technology if crypto coins are used directly or indirectly as a means of payment.

The regulator cites the risks surrounding crypto coins as the reason. Just because they are not regulated, it is believed that their use in payments can cause irreparable losses to the parties involved in the transaction due to these factors. They contain elements that can undermine confidence in methods and instruments of current payments. ‘ It sounds in a statement that Reuters could see.

Cryptocurrencies are on the rise in the country, partly due to the weak Turkish lira. This trend may have prompted the central bank to prevent virtual currencies from becoming more popular than its own currency.

The restriction is now being announced but will not formally take effect until April 30. Reuters notes that Bitcoin fell slightly due to the announcement, but the best-known crypto coin is currently still worth more than $ 60,000.

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