Cryptocurrency Related Payments to be Banned in Turkey

Cryptocurrency Related Payments to be Banned in Turkey

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.

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