Turkey bans Bitcoin and other crypto coins for payments, will India follow? Turkey bans Bitcoin and other crypto coins for payments, will India follow? Turkey’s central bank has banned the use of cryptocurrencies including Bitcoin to purchase goods and services. Can we expect something similar in India in future? advertisement The Turkish central bank has stated that using cryptocurrencies may cause non-recoverable losses. HIGHLIGHTS Turkey cites transactional risks behind decision. No company accepting crypto payments in India. Turkey’s central bank has banned the use of cryptocurrencies and crypto assets including Bitcoin to purchase goods and services, citing possible "irreparable" damage and significant transaction risks. The bank published a legislation in the Official Gazette on Friday, saying that cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, as an instrument of payment.