Turkey bans the use of cryptocurrency in payments

The Central Bank of Turkey will ban the use of cryptocurrencies in payments, as they entail significant risks for the parties to the transactions.

Institutions dealing with payments and electronic money will not be able to act as an intermediary in platforms offering services for trade, storage, transfer or issuance of cryptocurrencies, except for intermediation in the transfer of funds from them, the official newspaper said in early Friday.

The decision will take effect on April 30, the statement said.

Separately, the bank warned of the risks associated with cryptocurrencies, such as non-compliance with any regulatory or supervisory mechanisms or central regulatory authority, excessive instability and possible use in illegal activities through their anonymous structures.

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The bank added that wallets can be stolen or used illegally without the permission of their owners, and transactions irrevocable.

“Their use in payments may result in irreparable losses to the parties to the transactions due to the factors listed above, and they include elements that may undermine the credibility of the methods and tools currently used in payments,” the bank said in a statement.

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