Cryptocurrencies like Bitcoin are likely to have a harder time in Turkey in the future: payments in digital currencies will soon be banned there. The central bank justified the ban with “significant risks”.
The Turkish central bank forbids payments with Bitcoin and other cryptocurrencies. Trading in digital currencies and paying with them are associated with “significant risks” and may lead to “irreparable” damage, the institute said. Cryptocurrencies are not subject to any regulation or supervision by a central bank and the rates are subject to high fluctuations. In addition, the central bank is concerned that cyber currencies will prevent the Turkish lira continues to come under pressure . It has lost a lot of its value in recent years, and inflation is high in the country. Crypto fans also see digital assets such as Bitcoin or Ethereum as a hedge against currency weakness and inflation.
Accepted as a means of payment by more and more companies
The new regulation, which is to apply from April 30th, prohibits payment processors from making transfers in cryptocurrencies. Direct and indirect payments are affected, wrote the central bank in its official gazette. In contrast, the ban does not seem to apply to the possession of digital currencies. Recently, more and more businesses in Turkey had accepted cryptocurrencies as a means of payment, just a few days ago, for example, the car dealer Royal Motors, which sells Rolls-Royce and Lotus vehicles in the country. Worldwide, Apple, Amazon and the online travel company Expedia have been ready for a while. Also the electric car manufacturer Tesla accepts cryptocurrencies when paying . A Bitcoin was around three percent cheaper to $ 61,490. The course had chased from one record to the next in the past few months – many experts are warning of a bubble. Shares in companies that deal with cryptocurrencies also came under pressure.
You must log in to post a comment.