Turkey Bans Use of Cryptocurrencies

The Turkish Central Bank has banned the use of cryptocurrencies, such as bitcoin, for payments for goods and services, as announced in the country’s Official Gazette.

More and more citizens of Turkey are using cryptocurrencies in order to protect their savings from the growing inflation and the decline of the Turkish currency.

The central bank explained its decision by saying that cryptocurrency transactions are very risky.

– Property in cryptocurrencies is not subject to any mechanisms of regulation and supervision of the central regulatory body. Its market value can vary greatly – the bank said.

One of the reasons is the possibility of the illegal use of cryptocurrencies due to “anonymous structures”.

The decision comes into effect on April 30.

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