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Turkey's central bank to ban cryptocurrencies for buying goods, services

Turkey's central bank is banning the use of cryptocurrencies such as bitcoin in payments for goods and services

Turkey | Bitcoin | global central banks

AP  |  Ankara 

Online payments

Turkey's central bank is banning the use of cryptocurrencies such as in payments for goods and services, according to a decision published in the country's Official Gazette on Friday.

The decision comes as many in have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency's slump.

In a statement explaining its reasons, the bank said transactions carried out through the use of cryptocurrencies presented irrevocable" risks.

Crypto assets are neither subject to any regulation and supervision mechanisms nor a central regulatory authority. Their market values can be excessively volatile, the bank stated.

It also cited their use in illegal actions due to their anonymous structures, and their possible use illegally without the authorization of their holders. The restriction would come into effect on April 30, the bank said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, April 16 2021. 16:25 IST