Turkey Bans Cryptocurrency Use for Payments as Local Currency Plunges
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....
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The Central Bank of the Republic of Turkey has instituted a ban on cryptocurrency payments, as its own fiat currency is devalued.
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”....
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....
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....
Regulators are taking a hard look at crypto in Turkey, but local experts welcome the oversight. Turkey made itself a name as a crypto-friendly country with a "wait and see" approach on digital assets, but that could be about to change as the government is now ready to take things in hand.The Turkish Ministry of Treasury and Finance went to Twitter to express concerns about cryptocurrencies and to announce collaborative work on the topic with several local regulators on March 1.According to the announcement, the ministry is working with the central bank alongside two financial regulatory....