Turkey ruled out a total ban of cryptocurrencies and a wide range of crypto regulations is coming within two weeks

By Selena On Apr 26, 2021

Turkey Finance Ministry is working on wider regulations regarding cryptocurrencies, Central Bank Governor Sahap Kavcioglu said on Friday, adding the bank does not intend to ban them.

Turkey ruled out a total ban of cryptocurrencies and a wide range of crypto regulations is coming within two weeks

Central Bank Governor Sahap Kavcioglu said the Turkish Finance Ministry is studying broader regulations regarding cryptocurrencies on Friday and added that the bank has no intention of banning them. In an interview with Turkish television stations, Kavcioglu said some details will be ready in two weeks.

The central bank last week banned the use of crypto assets in payments on the grounds of significant risk due to volatile market values. In the law published in the Official Gazette, central banks say such cryptocurrencies and other digital assets based on issued ledger technology cannot be used directly or indirectly, as an instrument. pay.

Bitcoin fell quite sharply following the Turkish ban on April 16, which was criticized by the main opposition party.

In a statement, the central bank had said crypto-assets were neither subject to any regulation and supervision mechanisms nor a central regulatory authority, among other security risks.

The central bank stated:

“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.”

Last week, Royal Motor which distributes Rolls-Royce and Lotus cars in Turkey, became the first in the country to say it would accept payments in cryptocurrencies. Globally, giants such as Apple, Amazon, and Expedia also accept such payments.

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