Turkey Legally Bans Use of Cryptocurrencies Including Bitcoin (BTC)! - Kakiforex.com - Financial Market Media No. 1 in the World Turkey Legally Bans Use of Cryptocurrencies Including Bitcoin (BTC)! Turkey Legally Bans Use of Cryptocurrencies Including Bitcoin (BTC)!

April 16, 2021

Turkey Legally Bans Use of Cryptocurrencies Including Bitcoin (BTC)!

 Turkey has decided to restrict the use of cryptocurrencies including Bitcoin (BTC) as a medium of payment either directly or indirectly.


The restrictions will take effect from April 30, 2021.


According to the Central Bank of the Republic of Turkey (CBRT), payment service providers do not have the opportunity to develop business models by means of crypto assets used directly or indirectly in the provision of payment services and electronic money issuance, and will not be able to provide services related to the business model. the.


Payment institutions and electronic money will not be able to mediate between platforms that offer trading, protection, transfer or withdrawal services for crypto assets or transfer of funds from these platforms.



Under the laws of the country, crypto assets should not be used as a medium of payment especially for services and withdrawals of electronic money directly or indirectly.


However, no restrictions are imposed on cryptocurrency and Bitcoin (BTC) deposits.


For the record, last month Turkey faced a depreciation of the lira, causing some shares of Malaysian firms operating in the country to be tested.


As a result, the country's cryptocurrency sector has exploded to receive attention from its residents who see cryptocurrencies as much more potential.