Turkey’s Central Bank Has Banned Crypto Usage For Payments
By the end of April, using cryptocurrency to pay for various goods, products and services would be considered illegal in Turkey as part of a new country-wide ban.
Ban to be implemented towards the end of the month
As per the Resmi Gazetethe, the official newspaper of the nation’s government, Turkey’s Central Bank made the decision to prohibit the use of cryptocurrencies for the purposes of payment and online transactions. The ban shall be administered on the 30th of April, later this month. Furthermore, payment service providers are still barred from directly and indirectly integrating digital assets and properties into their respective business structures and models.
This decision by Turkey’s government came after PayPal had announced plans to offer cryptocurrency payments for various purchases to millions of retailers around the world. This was certainly well received too by numerous investors as they could further put the crypto that they did possess to good use in a more practical way. Also, in the hypothetical possibility that the ban could be eventually lifted, Turkish retailers would still be unable to benefit from the new feature because the United States-based payment processing company was forced to close its doors in Turkey thanks to licensing issues going all the way back to 2016.
Crypto may still be used for trading purposes
It should be mentioned that these new laws and regulations only apply to the purchasing of goods, products, and services via cryptocurrencies. Utilizing cryptocurrencies to continue trading in the country will still remain legal for now. Investors can, therefore, at least breathe a sigh of relief knowing that cryptocurrencies have not totally been wiped out from Turkey, but the ban is nevertheless sure to leave a sour taste in their mouths.
Turkey is also presently undergoing a currency and economic crisis following the removal of Naci Agbal, who served as the governor of Turkey’s Central Bank. Agbal had been removed by the current President of the country, Recep Tayyip Erdogan.
Google search results for Bitcoin and cryptocurrency in general increased by more than 500% in the past 30 days as the Turkish lira fell by more than 17%. Moreover, thanks to high inflation, Turkey is one of the most progressive in terms of cryptocurrency acceptance. However, the recent ban on cryptocurrency transactions is likely to spark renewed interest in the industry, especially during a time when many individuals are actively seeking new opportunities to earn an income following the loss of countless jobs due to the ongoing COVID-19 global pandemic.
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