Turkey Ban Bitcoin Payments
Turkey Ban Bitcoin Payments

Turkey Ban Bitcoin Payments

05:46 05/01/2021

In a recent update from the Central Bank of the Republic of Turkey, a new regulation had passed to stop using Bitcoin for payments.

Turkey plans to ban the use of crypto assets in payments or indirectly via the provision of payment services and electronic money issuance. This plan follows months of economic uncertainty following the weakening of the Turkish Lira.

Turkey searches for “Cryptocurrencies” in April, 2021
Turkey searches for “Cryptocurrencies” in April, 2021

The central bank of Turkey defines crypto assets as any “virtual [currencies] using distributed ledger technology” that is “distributed over digital networks”. As a result, crypto assets will not be used directly or indirectly for payments and no service can be provided for direct or indirect use of crypto assets in payments.

The new regulation will enter into effect by April 30th, 2021. According to Google Trends, Cryptocurrencies interest in Turkey has soared to all times high in Turkey for the month of April.

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