Turkey Updates Cryptocurrency Regulation Amid Payments Ban and Collapsing Exc...
The Turkish government has updated the country’s cryptocurrency regulation following the banning of cryptocurrencies for payments and failing crypto exchanges. Published in the Official Gazette on Saturday, the new rule adds crypto trading platforms to the list of entities covered by anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The Official Gazette states that the country’s latest expansion of rules covering cryptocurrency transactions would take immediate effect. Crypto service providers must now comply with existing regulations.....
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The Central bank of the Republic of Turkey has issued a cryptocurrency regulation prohibiting the use of cryptocurrencies for payments of goods and services. From the end of this month, crypto assets cannot be used directly or indirectly as a means of payment in the country and no service can be provided for this purpose. Turkish Central Bank Prohibits Crypto Use for Payments of Goods and Services The Turkish central bank (also known as CBRT or TCMB) has issued “Regulation on the Disuse of Crypto Assets in Payments.” It was published Friday in the official newspaper of the....
The Central Bank of the Republic of Turkey has instituted a ban on cryptocurrency payments, as its own fiat currency is devalued.
Turkey's central bank is also banning payment providers from offering fiat-to-crypto onramps for cryptocurrency exchanges. A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.The bank stated, “any direct or indirect usage of crypto assets in payment....
Turkey’s vibrant ecosystem took a hit from the new crypto payments ban, and industry participants speak out on potential implications. Buying something with Bitcoin (BTC) in Turkey will soon be illegal, and the topic of crypto payments has become a political debate since the Central Bank of the Republic of Turkey’s April 16 announcement that it will forbid the use of cryptocurrency as a payment method. The regulation, which will go into effect on April 30, also bans the use of digital wallet providers as fiat on-ramps for crypto exchanges.Cointelegraph Turkey reached out to local....
People in Turkey are increasingly turning to bitcoin as the local currency, the Turkish lira, recently hit another record low against the dollar. Bitcoin adoption in Turkey outshines other countries in the region. Turkey Is Regional Leader in Bitcoin Adoption Bitcoin adoption has been increasing in Turkey as the local currency, the Turkish lira, hit another record low Thursday, reportedly touching 7.95 to the dollar. The dollar has gained about 33% against the lira so far this year and some analysts are predicting that it will soon hit 8.5. “The Turkish lira is getting smoked”....