Oyogist.com has learnt that the Turkish central bank has banned the use of cryptocurrencies for purchase of goods and services, citing “irrepairable dangers” and significant risks in the transactions.
A statement by the bank read; .
“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and will not be able to provide any services related to such business models,” the bank said.
While explaining the reason for the ban, the bank said these assets were “neither subject to any regulation and supervision mechanisms nor a central regulatory authority,” among other security risks.
“It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments,” the central bank said in a statement.
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