Turkey Bans Cryptocurrencies as Form of Payment
Posted on 04/16/2021
The Central Bank of the Republic of Turkey (CBRT) has banned the the use of cryptocurrencies, such as bitcoin, and crypto assets to purchase goods and services. The Turkish government claims it did this in an effort to protect consumers against volatility and illegal activity. In Turkey, crypto assets cannot be used directly or indirectly as a means of payment in the country and no service can be provided for this purpose. The ban takes affect on April 30, 2021. The Central Bank of the Republic of Turkey warned that crypto assets “may be used in illegal actions due to their anonymous structures” and “wallets can be stolen or used unlawfully without the authorization of their holders.”
The Turkish Lira continues to face depreciating pressures from rival currencies.