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Turkey to ban cryptocurrency payments

Turkey to ban cryptocurrency payments

Turkey to ban cryptocurrency payments

A new ban in Turkey would prohibit cryptocurrency owners from using their digital assets to make payments and would also prevent payment service providers from funding their digital wallets on cryptocurrency exchanges.

According to a statement issued by the Central Bank of Turkey on Friday, the ban will be lifted on April 30. take effect and make all payment solutions and partnerships with cryptocurrencies illegal.

The Bank has stated that any direct or indirect use of cryptographic assets in payment services and the issuance of electronic money is prohibited.

While banks are exempt from the rule, meaning users can still deposit Turkish lira into cryptocurrencies with transfers from their bank accounts, payment service providers will not be able to offer deposit or withdrawal services on cryptocurrencies.

Payment providers and digital wallets are widely used in Turkey to transfer fiat money to cryptocurrency exchanges and vice versa. The world’s largest exchange, Binance, has partnered with local payment provider Papara to offer a lira loading platform for various cryptocurrencies when it enters the Turkish market.

This new rule means that users will have two weeks to clear their balances if they use payment providers only as a fiat cryptogateway.

Historically, the Turkish government has tightly controlled the ecosystem of payments. In 2016, Turkey banned PayPal, a major global provider of payment services, from the country.

The regulation of cryptocurrencies has been a hot topic in Turkey in recent months. Last month, Turkey’s Ministry of Finance and Treasury announced that it is monitoring the cryptocurrency ecosystem and working with the Central Bank, the Banking Regulation and Supervision Agency and the Capital Markets Board to regulate the ecosystem.

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Additional reporting by Emre Gunen in Turkey for Cointelegraph.

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