Bank of Turkey bans the use of cryptocurrencies to buy goods and services

Apr 16, 2021 Forex News

On April 16, the Central Bank of Turkey published an official statement on its website. This statement says that the Central Bank of Turkey will block payments for goods and services that use cryptocurrencies such as bitcoin as payment.

The bank made this decision against the backdrop of the growing popularity of cryptocurrencies in the country. Local investors have boosted their investment in cryptocurrencies to protect their savings from rising inflation and the depreciation of the Turkish Lira.

The bank explained its decision by the fact that the use of cryptocurrencies in payments for goods and services is "irrevocable" risks. Since cryptocurrencies are not regulated in Turkey, cryptocurrency rates can be overly volatile. Speculative traders can use this. And this can harm citizens.

The central bank of Turkey also explains that cryptocurrencies are often used by anonymous users to pay for illegal services and goods. The restriction will come into force on April 30, the bank said.

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