Saturday, May 31, 2025

Latest

Bitcoin Falls as Turkey Bans Cryptocurrency Payments

Bitcoin suffered a slight decline following its skyrocketing rally over the past week, after the government of Turkey announced it will be cracking down on the use of cryptocurrencies in what is a likely attempt to preserve confidence in its own currency.

According to a statement published on the Turkish central bank webpage, the country’s government has decided to ban the use of cryptocurrencies as payment come April 30, citing inadequate regulation, supervision mechanisms, and a regulatory authority, while also noting that digital currencies are more susceptible to criminal activity. The latest crackdown will also prohibit Turkish firms that handle electronic transfers and currency payments from conducting transactions involving cryptocurrency platforms.

The latest clampdown on digital currencies comes at a time when an increasing number of Turkish retail traders have flocked to crypto markets in search of solace from the country’s declining fiat currency and decrepit banking system. However, the country’s attempt at preserving confidence in the Turkish lira is not surprising: back in March, Turkey’s Treasury and Finance Ministry revealed it coincided with the ongoing global concern about the rapid acceleration of cryptocurrencies.

Turkey is also not the only country to constrain the use of virtual currencies: India has recently proposed a new law that would completely ban the possession of digital assets, and fine anyone caught holding or using them. Still, the timing of Turkey’s crypto ban is evidently noticeable, especially since faith in the country’s central bank among international investors has fallen to an all-time low.


Information for this briefing was found via the Central Bank of the Republic of Turkey. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Crypto Market Jitters as US Government Moves $2 Billion Worth of Silk Road BTC

A wallet labeled as belonging to the US government transferred nearly 28,000 BTC to an...
Tuesday, July 30, 2024, 02:50:00 PM

Tesla, Jack Dorsey’s Block Team up to Create Solar-Powered Bitcoin Mining Facility

Jack Dorsey’s digital payments company Block (NYSE: SQ), formerly known as Square, teamed up with...

Friday, April 8, 2022, 04:31:00 PM

Is Bitcoin A Fraud? – The Daily Dive feat Jeff Wareham

Today on the Daily Dive, we’re joined by Jeff Wareham, whom is a director at...

Tuesday, December 15, 2020, 01:00:00 PM

India Mulling Total Cryptocurrency Ban

As Bitcoin soared to a new high of US$60,000 over the weekend before slumping to...

Tuesday, March 16, 2021, 10:26:00 AM

Three Arrows Capital Explores Asset Sales, Possible Bailout Amid Potential Insolvency

Kyle Davies, co-founder of cryptocurrency-focused hedge fund Three Arrows Capital (or 3AC), has broken the...

Monday, June 20, 2022, 03:54:00 PM