TURKEY HAS JOINED OTHER COUNTRIES INCLUDING NIGERIA TO BAN THE USE OF CRYPTO CURRENCIES

 

TURKEY HAS  JOINED OTHER COUNTRIES INCLUDING NIGERIA TO BAN THE USE OF CRYPTO CURRENCIES

The Turkish  central bank has  prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks. This was announced on Friday.

 The ban will take effect  beginning  from  April 30, the central bank said in legislation published in the Official Gazette.

 This new ban  prohibits the transfer of cryptocurrencies for purchases and  services.

 The central bank said the ban was needed because of the “significant risks” associated with cryptocurrencies.

These risks include a lack of regulation and supervision, “non-recoverable” losses for the parties to the transactions, and possible use for illegal purposes, the bank said.

The payment ban comes at a time when lira remains weak and inflation stubbornly high in Turkey.

Cryptocurrency fans consider digital tender such as bitcoin or ether as a hedge against currency weakness and devaluation.