Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Clear Day 74° Clear
News >  Business

Turkey to ban cryptocurrencies for buying goods, services

UPDATED: Fri., April 16, 2021

Associated Press

ANKARA, Turkey — Turkey’s central bank is banning the use of cryptocurrencies such as bitcoin in payments for goods and services, according to a decision published in the country’s Official Gazette on Friday.

The decision comes as many in Turkey have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency’s slump.

In a statement explaining its reasons, the bank said transactions carried out through the use of cryptocurrencies presented “irrevocable” risks.

Crypto assets are “neither subject to any regulation and supervision mechanisms nor a central regulatory authority. Their market values can be excessively volatile,” the bank stated.

It also cited their use in ”illegal actions due to their anonymous structures,” and their possible use “illegally without the authorization of their holders.”

The restriction would come into effect on April 30, the bank said.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.