A ban on cryptocurrencies began in Turkey


Get real time updates directly on you device, subscribe now.

On April 30, Turkey launched a ban on the use of cryptocurrencies as a means of payment for payments for goods and services in the country. Local marketplaces have halted operations to exchange Turkish Lira for digital money. Thus, the country’s authorities stopped the circulation of cryptocurrencies both directly between counterparties and through intermediaries. Writes about this RBC Crypto.

The fact that the Central Bank imposed a ban became known on April 16. Then the representative of the financial regulator explained that the use of digital money in payments can lead to “irreparable losses.” Also, the country’s authorities believe that payments in cryptocurrency can undermine confidence in the methods and tools that are used in payments.

According to the new rules, registered and licensed Turkish financial platforms, services and payment systems are no longer able to provide any services for settlement transactions with them or create new business models for transferring funds between wallets, buying, storing or selling cryptocurrency for fiat money.

Chairman of the Central Bank of the Republic of Turkey Shahap Kavcioglu stressed that the new rules do not ban the entire cryptocurrency ecosystem. This is necessary in order to create a balanced system for the storage and settlement of digital money. Before its appearance, it is better to avoid transactions with cryptocurrency, the head of the financial regulator is sure.

Earlier it became known that the Turkish government will create a state cryptocurrency storage to reduce the risks associated with investments of Turkish citizens in digital assets. Officials want to establish capital requirements for cryptocurrency exchanges and the necessary qualifications for managers of such sites.

In April, two Turkish crypto exchanges, Thodex and Vebitcoin, suddenly stopped working at once. The head of the first is put on the international wanted list and is suspected of stealing $ 2 billion. The accounts of the second site are frozen by the Financial Crime Investigation Council (MASAK).

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.