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Cryptocurrency Related Payments to be Banned in Turkey


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Turkey, previously something of a crypto haven, has decided to ban cryptocurrency payments, according an announcement by the country’s central bank.

The ban will come into effect in a few days, on April 30th. According to said statement, cryptocurrencies cannot and will not be used as models of payment. What is more, payment companies are apparently now blocked from not just depositing, but withdrawing money from cryptocurrency exchange.

According to the official statement, payment service providers as well as payment and electronic money institutions “may not develop business models or provide any services related to such business models in a way that crypto assets are used directly or indirectly in the provision of payment services and the issuance of electronic money“. Also, said institutions may not “mediate the transfer of funds to or from platforms that provide trading, storage, transfer or issuance services related to cryptocurrency assets“.

I don't think banning people from withdrawing their own money from exchanges is the way to go. :(

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