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Turkey bans payment with cryptocurrencies

Central Bank of Turkey prohibits the use of cryptocurrency for payment

Turkey’s central bank on Friday prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks.

According to the document published in the offical Gazette, the ban is expected to take effect from the30th of April.

The new regulation prohibits transfer of cryptocurrencies for purchases or services.

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The central bank said the ban was needed because of “significant risks” associated with cryptocurrencies.

These risks include a lack of regulation and supervision, “non-recoverable” losses for the parties to the transactions and possible use for illegal purposes, the bank said.

The payment ban comes at a time when lira remains weak and inflation stubbornly high in Turkey.

Cryptocurrency fans consider digital tender such as bitcoin or ether as a hedge against currency weakness and devaluation.

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