Turkey does not intend to ban cryptocurrencies
Turkey does not intend to ban cryptocurrencies

According to the statement of the Turkish Central Bank governor, the Turkish Finance Ministry is working on drafting more comprehensive regulations on cryptocurrencies, adding that the bank does not intend to ban cryptocurrencies. Coins.

Some details will be ready in two weeks, Hapahap Kavcıoğlu said in an interview.

The central bank banned the use of crypto assets for payments last week, citing significant risks due to fluctuations in market value.

The Central Bank stipulated in the laws published in the "Official Gazette" that cryptocurrencies and other digital assets based on distributed ledger technology cannot be used, directly or indirectly, as a method of payment.

At 7:54 AM GMT, Bitcoin fell nearly 3% against the US dollar to $ 61,490 after the Turkish ban was criticized by the main opposition parties.

Among other security risks, the central bank said in a statement, crypto assets are not subject to any regulatory and supervisory mechanism or central regulatory authority.

He said: Payment service providers will not and will not be able to develop business models through direct or indirect use of crypto assets to provide payment services and issue electronic funds.

Last week, Royal Motors, which sells Rolls-Royce and Lotus cars in Turkey, became the first company in the country to accept cryptocurrency payments.

Globally, giants like Apple and Amazon also accept such payments.

Meanwhile, Vebitcoin, the Turkey-based digital asset trading platform, announced Friday evening that it has ceased all activities to meet all regulations and requirements.

The Vebitcoin platform said in a statement: Due to recent developments in the cryptocurrency industry, our mining intensity is much higher than expected. We regret to inform you that we have decided to stop our activities in order to implement all regulations and requirements.

The Turkish Financial Crime Investigation Commission (MASAK) blocked the company’s account and launched an investigation.

Previously, hundreds of thousands of Thodex users were unable to access their digital assets on April 22 after the platform suddenly stopped operating. Turkey issued an international arrest warrant for the founder of the negotiating platform.

Many people in Turkey have turned to cryptocurrencies to protect their economies from inflation and the devaluation of the Turkish lira.

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