Turkey's ban on crypto payments to take effect on April 30
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Turkey's ban on crypto payments to take effect on April 30

Saudu Clement
Saudu Clement

According to Resmi Gazetethe, the official newspaper of the Turkish government, the country’s central bank has finally issued a ban on the use of cryptocurrencies such as Bitcoin for transactions.

The Central Bank of the Republic of Turkey issued several restrictions on cryptocurrency transactions on Friday. Following the ban, payment service providers operating in Turkey will be restricted from “directly or indirectly” incorporating digital assets into their services. The ban will take effect on April 30.

Although paying for goods and services with cryptocurrencies is being outlawed in Turkey, the announcement does not clarify whether the restriction extends to cryptocurrency trading. One could assume that crypto trading will still be legal in the country. An English translation of the report reads:

Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and cannot provide any services related to such business models.

Recall that Turkey made the headlines a few weeks ago after Google searches for Bitcoin spiked in the country. The renewed interest in the leading digital currency came after President Recep Tayyip Erdogan sacked Naci Agbal, the governor of the country’s central bank.

Turkey is battling with high inflation, and experts believe that the ban will only trigger a new wave of interest for Bitcoin and other cryptocurrencies.