A bang – Turkey bans crypto payments
With immediate effect, the Turkish central bank will no longer allow any crypto payments, only banks are exempt from the new ban.
Turkey has issued a new ban prohibiting crypto users from making payments in the form of crypto currencies. Payment service providers are also no longer allowed to process payments that are related to cryptocurrencies.
Like this Friday from a corresponding announcement According to the Central Bank of Turkey, this ban will come into force on April 30th. The letter states that “any direct or indirect use of cryptocurrencies as a means of payment” is prohibited.
Accordingly, from this point in time it is no longer allowed to pay for goods and services with cryptocurrencies. What is even worse for Turkish crypto investors, however, is that deposits and withdrawals of Turkish Lira on crypto exchanges via payment service providers are no longer legal. After all, banks are exempt from this regulation, which is why bank transfers to and from crypto trading platforms are still possible.
In Turkey, however, payment service providers and wallets are primarily used to invest the local currency in crypto currencies and to book them out again. Accordingly, the market-leading crypto exchange Binance, for example, teamed up with the local payment service provider Papara when it entered the Turkish market.
The imminent implementation of the new ban will give Turkish crypto investors exactly two weeks to write off their crypto assets via payment service providers.