Turkey bans the use of cryptocurrencies !!

The use of cryptocurrencies in financialsettlements, directly or through intermediaries, has been banned in Turkey since April 30, according to a decree published in the official newspaper Resmi Gazeta on Friday.

It is forbidden to conduct any operations with cryptocurrencies between citizens and between organizations.

Cryptocurrencies in Turkey cease to be an available means of payment between contracting parties through intermediaries or directly for the purchase of goods and services.

The essence of the introduced rules is that officially registered and licensed financial platforms, services and payment systems in Turkey that operate or have the ability to work with cryptocurrencies lose the right to provide any services for settlement operations with them.

It is currently unclear whether both licensed banks in Turkey or the Central Bank itself will be able to formally provide such services instead of independent service providers.

But it is known that, as things stand now, the Central Bank will not provide, guarantee and regulate the execution of cryptocurrency transactions.

The central bank considers such transactions to carry serious risks for contracting parties, including the lack of any effective control by official regulators.

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