Turkey bans cryptocurrency payments, Bitcoin falls

After the Central Bank of Turkey announced a ban on the use of cryptocurrencies to pay for purchases. Following this decision, Bitcoin fell more than 4% on Friday, which means there is a reasonable risk of “irreparable” damage.

The decision was published in the official gazette and there is a risk of abruptly disrupting the development of the local crypto market. In recent months, with the rapid rise in Bitcoin prices, the development of the local crypto market has accelerated. In Turkey, Bitcoin is considered to avoid the inflation method and figures and depreciation of the Turkish lira.

You may also be interested in:

According to data from the American professional research company Chainalysis, from the beginning of February to March 24, the country’s Bitcoin transaction volume reached 22.6 billion euros.

The price of Bitcoin on the Bitstamp trading platform fell 4.16% to $ 60,608.52, while Ethereum and XRP fell more than 10%. The Central Bank of Turkey reported that assets using this technology “are not subject to any regulatory or supervisory mechanism, nor are they subject to central authority.”

It added: “Payment service providers will not be able to develop business models that allow the direct or indirect use of encrypted assets to provide payment services and issue electronic money.”

You may also be interested in:

The statement continued: “Using it for payment may cause irreparable losses to the parties involved in the transaction.” The leader of the CHP, the main Turkish opposition party, Kemal Kilicdaroglu, criticized this decision and the fact that it was announced on Friday at the end of the day. Like the situation in which the central governor was removed last month. He said on Twitter: “It’s like they can’t help but miss a night.”

Deja un comentario