Millennium Post (Kolkata)

Turkey’s central bank to ban cryptocurr­encies


ANKARA: Turkey’s central bank is banning the use of cryptocurr­encies such as bitcoin in payments for goods and services, according to a decision published in the country’s Official Gazette on Friday.

The decision comes as many in Turkey have turned to cryptocurr­encies to shield their sav- ings from rising inflation and the Turkish currency’s slump.

In a statement explaining its reasons, the bank said transactio­ns carried out through the use of cryptocurr­encies presented irrevocabl­e” risks. Crypto assets are neither subject to any regulation and supervisio­n mechanisms nor a central regulatory authority. Their market values can be excessivel­y volatile, the bank stated.

It also cited their use in illegal actions due to their anonymous structures, and their possible use illegally without the authorizat­ion of their holders. The restrictio­n would come into effect on April 30, the bank said.

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