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Central Bank Of Turkey Bans The Use Of Cryptocurrency, See The Reasons Why

The Republic of Turkey has placed a ban on all cryptocurrency payments, after evaluating the risks involved in using such payment methods, and the irreparable damages that could arise from transaction risks. In a statement published today, Friday 16th of April, the Central Bank of Turkey stated that all forms of cryptocurrency that are based on distributed ledger technology can no longer be used, for both direct and indirect payment or as a payment instrument.


In the statement, the Central Bank of Turkey opined that the cryptocurrencies lack supervision mechanism, central regulatory authority and it is not subject to any regulations. The Central Bank further stated that the use of Bitcoin and other related cryptocurrencies may cause an irreparable damage to the parties involved, and it may undermine methods and instruments of payment that are currently in use.


This new decision to ban cryptocurrency has not gone uncriticized, as some opposition leaders have referred to it as "midnight bullying". In reaction to this, an economist by name Ugur Gurses, said that any government that tries to regulate the market with a ban, will end up getting frustrated as such ban would only push Fintech startups to move to other countries where it is accepted. This ban however, would take effect from 30th of April, 2021.

Source: Reuters.com

Content created and supplied by: Prestigeworldwide (via Opera News )

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