Turkey is banning cryptocurrency payments. Also it’s banning payment providers from offering onramps for crypto.
The Turkish Lira is in an inflationary downward spiral. I remember when I was a university student I visited across Samos to the Asia Minor area and the prices were so low, even though the numbers where insane, like a loaf of bread going for 2.000.000 of local currency. I remember that vividly, but I didn’t get it back then. All we cared about was to visit on the cheap and buy some stuff like quality leather jackets. I still have that jacket to this day and it’s still very nice.
Erdogan has finished his coup and taken over Turkey as a dictator. He assigned his groom to the National Treasury, and when the economy tanked, he fired him, as if that would fix the problem. Now he has fired yet another director of the National Treasury. Turkey is one of the few countries that have banned Youtube, they banned PayPal in 2016, they’ve blocked people’s access to the internet during their recent military coup (that would have saved the Turkish people from the dictatorship, not oppressed them), they invade Greek air space every single day, provoke every neighbouring country, and have blatant propaganda that distorts every single piece of news to a ridiculous degree. Seriously, it doesn’t even make sense at some points.
Tensions in the Aegean: Greek frigate rams and damages Turkish war ship (Actual News)
Turkey caught spreading fake news about “damaged” Greek warship to cover embarrassment
Seriously, look at this distortion of truth. A bad photoshop of a shark on the bow of the Greek warship Limnos is pushed into the propaganda machine to claim that there was damage. It would be funny it it weren’t so dangerous.
Up until a couple of days ago, I admired the Turkish people for adopting bitcoin en masse. I learnt that there are many crypto ATMs in Constantinople, that people are using it to save their wealth from the country’s inflationary national currency, and that they were doing alright.
And now this piece of news.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.
The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.
While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.Cointelegraph
Honestly, it’s very sad. It would have saved people’s wealth and it would have reduced tensions in the Mediterranean. But they can’t control bitcoin so they decided to choke it at each end. People can still transact directly, but fresh people coming on board is prohibited.
Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.Cointelegraph
People want to save themselves, their wealth, the value that they’ve worked for their entire lives. It’s just that the people in power don’t wanna let them do that. Read more Bitcoin searches in Turkey spike 566% after Turkish lira drops 14%