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Turkey bans cryptocurrency use for payments

Turkey's central bank has banned the use of cryptocurrency to make payments, Turkish state broadcaster TRT Haber reported.
This was decreed in a guide published in Turkey's state-run newspaper that night. According to the bank's guidelines, cryptocurrency cannot be used for either direct or indirect payments, BTA transmits.

The decision is motivated by possible risks and possible losses in such transactions.

The observed boom in the Turkish cryptocurrency market has intensified further recently amid investors' hopes to profit from its increase in value and also protect themselves from high inflation. The weakened Turkish lira has also boosted demand for cryptocurrency, Reuters notes.

The central bank explained that the reason for the ban was that these assets “are neither subject to any regulation and supervision mechanisms nor central regulatory authority”, while also noting other risks.

"It is believed that their use (of cryptocurrencies) in payments may cause non-refundable losses to the parties to the transactions due to the factors listed above and these include elements that may undermine confidence in the methods and instruments currently used in payments”, the reasons the central bank of Turkey.

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