Ankara, Turkey: According to a decision published in the country’s Official Gazette on Friday, the Central Bank of Turkey bans the use of cryptocurrencies such as Bitcoin in transactions.
This decision comes as many people in Turkey have turned to cryptocurrencies to protect their savings from rising inflation and the collapse of the Turkish currency.
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 bank said that this restriction will take effect on April 30.