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Is Turkey's First Regulation On Crypto-Assets Just A Beginning? - Technology


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Although it remains unclear whether cryptocurrencies will
replace traditional money in the near future or ever, they have
become a global phenomenon lately. Likewise, the economic
turbulence in Turkey has led to a surge in swapping the local
currency for cryptocurrencies despite their price volatility.
According to a recent survey, Turkey has the fourth-highest rate of
cryptocurrency use out of 74 countries
Background of Recent Developments
With the more and more growing popularity of the crypto market
in Turkey, the government s concerns about using
cryptocurrencies for illegitimate activities such as money ....

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Turkey to ban cryptocurrency payments


4/16/2021 10:55:23 AM GMT
Turkey s central bank is also banning payment providers from offering fiat-to-crypto on ramps for cryptocurrency exchanges.
A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from providing fiat on ramps for crypto exchanges.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.
The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.
While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges. ....

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