Turkey’s Central Bank Bans Payments Using Cryptocurrencies, Starting April 30th

The Central Bank of the Republic of Turkey released a document on Friday directing its members not to use crypto assets for payments.

As part of this regulation, the people of Turkey can not use cryptocurrencies directly or indirectly in the provision of payment services and electronic money issuance, and payment and electronic money institutions to platforms that offer trading, custody, transfer, or issuance services for crypto assets, read the translated version of the document.

In the implementation of this regulation, the central bank describes a crypto-asset created virtually using distributed ledger technology and distributed over digital networks but as a fiat, dematerialized money, electronic money, payment instrument, security, or other capital market instrument.

This directive is enforced by the Central Bank of Turkey's Chairman and enters into force on April 30, 2021.

The latest directive comes at a time when the country’s fiat currency Lira (TRY), is trading near its all-time lows against the USD. It has been in a free-fall for years; a fresh low was hit this year after President Recep Tayyip Erdogan abruptly fired Governor Naci Agbal last month.

His replacement, Governor Sahap Kavcioglu, announced on Thursday that the central bank left is keeping its benchmark interest rate unchanged at 19% but removed the pledge to deliver additional tightening to its monetary policy.

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