Cryptocurrency Related Payments to be Banned in Turkey

e_abrams

Trader
Dec 11, 2020
320
24
19
38
This Friday marks another major hit for the crypto market industry as Turkey, a very big player, will be banning cryptocurrency payments. The move was announced by the central bank of Turkey. The institution mentioned that crypto-related transactions are a risk to all.

The ban will officially come into effect on April 30th. The official announcement by the bank quotes that cryptocurrencies cannot and will not be used as modes of payment. Furthermore, news came that payment companies are blocked from offering deposit or withdrawal services crypto-related exchanges.

The official announcement is very strict and determined in its writing, claiming that payment service providers as well as payment and electronic money institutions “may not develop business models or provide any services related to such business models in a way that crypto assets are used directly or indirectly in the provision of payment services and the issuance of electronic money“. Furthermore, these institutions may not “mediate the transfer of funds to or from platforms that provide trading, storage, transfer or issuance services related to cryptocurrency assets“.

Turkey was recently considered as one of the fastest-growing crypto derivatives markets. The news of the complete ban was, as a result, taken by surprise by local cryptocurrency users. Presently, the nation experienced a massive influx of crypto coin adoption across sectors. However, the spike in crypto also lowered the value of the nation’s national fiat currency.
Source

Just how vulnerable the Lira was that crypto popularity managed to tank it, I wonder.
 

vicjon1995

Active Trader
Sep 29, 2020
219
30
29
26
It must have been devastating for those who recently started putting money in Crypto in hopes of gaining some profits. Unfair but that must be having their reasons to take such a step.
 

Dora_WalletInvestor

Active Trader
Aug 17, 2020
228
33
44
walletinvestor.com
It must have been devastating for those who recently started putting money in Crypto in hopes of gaining some profits. Unfair but that must be having their reasons to take such a step.
Yes, like the post mentioned, their fiat currency weakened due to the sudden big popularity of cryptos. But yes, it must be devastating for crypto enthusiasts - in many cases I can understand concern due to the risk and volatility of cryptos, and how they will affect the economy on the long run is still not clear. But it sounds like a very extreme measure to ban them so completely.