Turkey bans payments with crypto
The Central Bank of Turkey (CBRT) announced earlier today that it had banned the use of cryptocurrencies for payment of goods and services. This comes just weeks after Şahap Kavcıoğlu was appointed as the apex bank governor.In legislation published in the Official Gazette overnight, the CBRT stated that cryptocurrencies and other digital assets built on the blockchain technology could not be used directly or indirectly to pay for goods and services.
The bank stated that "Payment service providers will not be able to 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 will not be able to provide any services related to such business models."
Turkey had become one of the leading cryptocurrency countries in the world following the inflation and devaluation of the Turkish Lira in recent years. The crypto boom in Turkey increased as more people looked to gain from Bitcoin's rally and protect their wealth against inflation.
While explaining the reason for the ban, the CBRT said cryptocurrencies "neither subject to any regulation and supervision mechanisms nor a central regulatory authority." Hence, tagging them as security risks.
The bank added that the use of cryptos as payment methods could lead to non-recoverable losses for the parties involved in the transactions due to the earlier-mentioned factors. Furthermore, the CBRT believes the use of cryptocurrencies could undermine the confidence in the existing payment methods.
This latest development comes barely a week after Turkish authorities demanded user information from trading platforms.
Bitcoin sustains losses
Bitcoin and other cryptocurrencies sustained losses after rallying to new all-time highs earlier this week. The leading cryptocurrency was trading above $63,000 earlier this month but is down to $61,678 at the time of writing.Ether achieved a new all-time high above $2,500 yesterday but has dropped to $2,452 at the time of this report.
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