Turkey Central Bank Announces Ban on Crypto Payments

Fazzaco learned that the central bank of the Republic of Turkey has announced a ban on cryprtocurrency payments, effective 30 April, 2021.

According to the official announcement, crypto assets may not be used directly or indirectly for payments. Additionally, the central bank highlighted that no services may be provided for the direct or indirect use of crypto assets in payments.

The Turkish central bank stated in the announcement, "Payment service providers may not develop business models or provide any services related to such business models in a way that crypto assets are used directly or indirectly in the provision of payment services and the issuance of electronic money. Payment and electronic money institutions may not mediate the transfer of funds to or from platforms that provide trading, storage, transfer or issuance services related to crypto assets." 

As Fazzaco reported on March 23, the Turkish Lira fell nearly 15%​ on 22 March 2021, after the nation's president sacked the head of the Central Bank.