What does central bank of the Turkish Republic's decision on cryptocurrencies mean?
Central Bank of Turkey Republic, has published the regulation on the use of cryptocurrencies in payments in the official newspaper. So, what does this regulation mean? and will cryptocurrency investors be affected by this decision?
According to the regulation published in the official newspaper, cryptocurrencies cannot be used directly or indirectly for payments. In other words, services for the direct or indirect use of crypto assets in payments will not be provided. This regulation will enter into force on April 30th.
In his statement to the press, Chief Advisor to the President of the Republic, Cemil Ertem; "Cryptocurrencies are a decentralized saving tool. Therefore, regulations are not yet in place or incomplete in the world. Therefore, using these systems as a currency can cause irreparable damage to institutions and individuals." In addition, Erdem added the future of new regulations on payments. In addition, GlobalB A.S Law firm is filing an annulment suit against the Central Bank's regulation prohibiting cryptocurrency payments.
In short, according to this regulation, the use of cryptocurrency only for payments is prohibited for now. There is no ban on holding and investing in cryptocurrencies. Currently, Stock Exchanges will continue to work actively in Turkey. Anyone can invest, buy or sell cryptocurrencies. There is no ban on this. But it is not possible to buy a Tesla with cryptocurrency in Turkey right now.
I think a new regulation on payment systems is essential, otherwise it is not possible to prevent this. Many countries imposed similar bans, but it was not enough. Even companies that say cryptocurrencies are not used as payments, add cryptocurrencies to their payment systems. Mastercard, Visa, Paypal and similar companies, which are the world's largest payment companies, also integrate cryptocurrencies into payment systems.
I would also like to point out that the ban on cryptocurrencies is not possible, I think this cannot be successful. Many countries have similar or stricter bans on cryptocurrencies, but we found that this was not possible.
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