Turkey’s ban on crypto payments to take effect on April 30 By BTC Peers – Up News Info

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

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 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 (NASDAQ:) 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.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.