Turkey’s central bank is also banning payment providers from offering fiat-to-crypto onramps for cryptocurrency exchanges.
A new ban in Turkey will prohibit crypto holders from using their digital assets in terms of payments. In addition to putting a stop to payment providers from adding funds to their digital wallets at crypto exchanges.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will take its effect this coming end of the month. It will be leaving any crypto payments solutions and partnerships illegal will be penalized and even drawn to court.
Turkish Banks stand on the issue
The bank stated that, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden. Thus, making it hard for those crypto enthusiasts in dealing with payments in terms of crypto.
While banks are excluded from the regulation, which means users can still continue in depositing Turkish lira on crypto exchanges. Using wire transfers from their bank accounts, payment providers will then be unable to provide deposit or withdrawal activities for crypto exchanges.
Situation in Turkey in terms of Cryptocurrency
Payment providers and digital wallets are widely used in Turkey. From transferring fiat funds to crypto exchanges and vice versa to means of payments in their own personal trading activities.
This new rule means that the users will be having at least two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.
Tight before, Ban today
Historically, Turkey banned major global payment provider PayPal in their country. The Turkish government then has always had a tight grip on the payment system. In 2016.
Crypto regulation is a hot issue for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance disclosed that they are monitoring the crypto world and are working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.
Despite the booming cryptocurrency, Turkey is still determined to stick to their norms.
What will the price of cryptocurrency be after this takes effect? Will it become a catalyst for a bear market?
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