Crypto News

Turkish Central Bank To Impose Ban On Cryptocurrency Payments

Several countries have begun to embrace the cryptocurrency industry as its popularity and value have grown. The Turkish government, on the other hand, appears to be heading in a different direction.

The crypto industry is currently valued at a high of $2.22 trillion. These numbers have lured a number of investors from all across the world. But Turkey revealed that it had no interest to jump onto the crypto bandwagon. The country’s central bank, the Central Bank of the Republic of Turkey announced that it would soon refrain its citizens from using cryptocurrencies for payments.

Turkish Citizens To Endure Crypto Ban From April 30

Turkey seems to be next in line after India to be considering the ban of digital assets. While India decided to give its citizens some time, Turkey was seen taking a plunge into the same. The Central Bank of the Republic of Turkey in a recent announcement pointed out that any sort of payment in crypto would be considered illegal. No direct or indirect payments in crypto would be counted as legal, the bank affirmed.

However, the Turkish central bank assured that banks would be exempted from this ban. Users will reportedly be allowed to deposit the country’s fiat onto cryptocurrency exchanges. However, this would be possible only through wire transfers through the bank account alone.

While the ban is supposed to take effect on April 30, 2021, it was enforced by the Chairman of the Turkish Central Bank.

The announcement read,

“The purpose of this Regulation is not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and payment and electronic money institutions to platforms that offer trading, custody, transfer or issuance services for crypto assets or It is the determination of the procedures and principles regarding not mediating the fund transfers from these platforms.”

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