Turkey Banned Payments With Cryptocurrencies

The Turkish Central Bank banned all payments with cryptocurrencies. The ban comes into legal force on April, 30th. Even if payment providers decide to incorporate the virtual assets into their business models, they will remain illegal.

Supposedly this ban was triggered by PayPal’s recent announcement about integrating the options of buying cryptocurrencies into their payment system. However, this service isn’t provided in Turkey due to the licensing issues since 2016.

Turkey is among the countries that are involved in crypto the most due to a high inflation. Experts believe this ban may trigger the interest in cryptocurrencies. This makes sense because the ban concerns payments in crypto but not crypto trading.

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