Last week Turkey’s Central Bank imposed a ban on the use of crypto assets in payment. This eventually affected the prices of cryptocurrency assets and Bitcoin.
On Friday, Sahap Kavcioglu, Governor of Central Bank said that the Finance Ministry of Turkey is working on creating broader regulations in terms of cryptocurrencies. He further added that the bank doesn’t intend to ban them. Also, the details will be ready in 2 weeks.
Last week the Central Bank banned the usage of crypto assets in payments quoting significant risks because of volatile market values. The bank also added that digital assets and cryptocurrencies based on distributed ledger technology can’t be used, indirectly or directly, as a mode of payment.
After the Turkish ban on April 16, Bitcoin was off approximately 3% at $61,490 (nearly Rs. 46 lakhs). This was in comparison to the dollar.
The statement made by Central Bank clarifies that crypto assets were neither subject to any supervision mechanism or regulation nor a central regulatory authority, among other security risks.
Adding to it, the statement said that payment service providers won’t be able to create business models in a way that crypto assets are used indirectly or directly in the provision of electronic money issuance or payment services and won’t provide any services.
Royal Motors, which distributes Lotus cars, and Rolls-Royce in Turkey had become the first in the nation to accept payments in cryptocurrencies the previous week. Giants like Amazon, Apple and Expedia also accept such payments worldwide.
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