The Central bank in turkey has taken moves against the crypto space by banning payments through fiat/crypto exchanges.
What the ban means is that those who own crypto or are holding their crypto can’t easily make payments. On Friday an announcement was put forward by the Turkish Central bank saying that the ban will be taking effect on the 30th of April making it illegal to pay for goods and services with cryptocurrency.
In its statement the bank said:
any direct or indirect usage of crypto assets in payment services and electronic money issuance
will not be allowed.
Turkish banks will be however exempted from this executive order. There is widespread use of digital wallets and digital payment services to transfer fiat to crypto and from crypto exchanges. Local payment providers have even partnered with Binance, this was when Binance was making its way into the Turkish market to make it easy to exchange fiat for cryptocurrencies.
Users have only about two weeks to clear money with payment providers if they only use them for fiat to crypto exchanges.
The Turkish government has been known to be in control of the payment services in the economy. Back in 2016, Turkey placed a ban on PayPal a major payment provider that is well-known worldwide.
In Turkey, cryptocurrency regulation has been on everyone’s lips. In March the Turkish Ministry of Treasury and Finance spoke of monitoring the crypto economy working with the central bank and other supervisory bodies.
