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The Turkish central bank will impose a ban on the use of cryptocurrency payments, arguing that they are too risky due to the volatility of digital currencies. The limitation will begin to operate in the country on April 30.
This move did not look too unexpected for local crypto enthusiasts, since earlier the country's president suddenly fired the head of the central bank, which helped partially level the Turkish economy. Now Şahap Kavcıoğlu took his place.
Here are his main theses that became the reason for the ban on digital currency payments:
- There is no regulatory or supervisory mechanism for digital currencies
- The market price of digital currencies is too volatile
- They can be used in a criminal environment due to their inherent anonymity
- The owner's wallet can be stolen and devastated by intruders
- The inability to return his coins to the addressee after the transaction
The agency hastened to calm down the crypto community, saying that the ban does not apply to digital currency trading. According to him, users will be able to deposit and withdraw funds through crypto exchanges and brokers.
At the same time, the managing director of Bitpanda Turkey said that today digitalisation has reached such a growth rate that this Turkish law is becoming archaic even before it was passed on April 30.
One of the main representatives of the Turkish opposition, Kemal Kilicdaroglu, criticised the position of the authorities regarding digital currencies, indicating that they did not discuss this ban with local representatives of the crypto community.
The crypto community reacted ambiguously to the news. While some began to panic, others strongly stated that no bans would affect the adoption and distribution of digital currencies on the territory of world states. Others, however, even noted that the limitations are introduced mainly by countries with "weaker" national currencies. At the same time, despite all fines and limits, currencies continue to fall, while digital assets only strengthen their positions over the years.
One of the members of the digital currency community, Jeff Booth, said that today most loans in Turkish banks are valued in dollars, calling the country beautiful, but broken in terms of increasing financial instability.
The well-known PlanB analyst noted in his Twitter account that all that the Turkish Government will achieve by such measures is a brain drain and capital drain from the country. He also said that in protest he canceled his "sailing vacation in Turkey”.
Meanwhile, the country's central bank is trying to take control of the falling national currency. Against this background, its representatives announced yesterday that they would temporarily keep interest rates at 19%.