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Bitcoin price falls after Turkey bans payments in cryptocurrencies

Published 16/04/2021, 09:28
Updated 16/04/2021, 09:30
© Reuters

© Reuters

By Samuel Indyk

Investing.com – The Central Bank of Turkey announced overnight that cryptocurrencies and other assets that are based on distributed ledger technology cannot be used – directly or indirectly – for payments.

The central bank said payments in crypto assets “entail significant risks” for both parties to the transactions.

Firstly, the central bank says cryptocurrencies are not subject to any regulation and supervision mechanisms, nor a regulatory authority. They added that they are excessively volatile, may be used in illegal transactions, wallets can be stolen or used unlawfully, and that transactions are irrevocable.

“It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments,” the Central Bank of Turkey said in a statement.

The regulation is scheduled to come into force from 30th April 2021.

Cryptocurrency prices

After a strong start to the week, Bitcoin has retreated following the news from the Turkish Central Bank. However, prices generally remain elevated in the week that the largest cryptocurrency exchange in the US, Coinbase (NASDAQ:COIN), went public.

The decline in cryptocurrencies was not universal with Dogecoin prices almost doubling in the last 24 hours on no apparent news.

At 09:30BST, Bitcoin was down 1.7% at $61,548.

Latest comments

Musk will end up with BTC as Richard Brandson...
hii
you cane help me bitcoin play games
just news to drop price so big fish can buy more
Don't ever say never government can't ban bitcoin. if they want to ban they really can do that easily.Now majority Bitcoin buyer is from US country. Might be a bit worry on US country. China already ban but still allow mining machine to operate.
Turkey leads..... Many more countries will follow
Too volatile 😆Just like the Lira then except Bitcoin is appreciating!
Bitcoin isn't bubble material, hasn't bubble feature
Cryto has every features being bubble lol from its existance to its actual usability!
Plot Twist 🤪 Satoshi Nakamoto Works For The CIA; Bitcoin Is A Blacks Op Scheme... But They'll State This Is Absurd Do Your DD!
Do You Really Think The Central Banks Would Allow A Random Japenese To Deficit Them From Acquring More Of A Surplus 🙈🙊🙉
too volatile
perhaps it is for investment purposes...but to say it is down because of Turkey is just incorrect at best...
Since the economies are slowly recovering from the covid pandemic. Countries now need to divert investors from bitcoin , to start investing in real assets to help revive their economy. Smart move indeed! Other countries will follow Turkey steps.
poppycock...dodgecoin up over 100% TODAY
ha ha many countries gonna do that. collapse coming....
This is great news for Turkish lira
if they don't control now, then many people going to bankrupt soon when bubble burst.
smart
i don't no how to earn money here
Bubbles are about to be burst starting here
Lol thats on the groud that BTC will have its leg on the ground! What if the ground shakes lol cryto is a joke as its value is contradicting to its principle value of existance! Tell me how it will not ***one day when the officals start getting less slice out from the cake
also elight everyone here what doesnt go through these so call cycles lol
lol..then u literally commenting something u dont know..btc is above you..its a waste of time talking to you..stay poor
chibuyejoejoe
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