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There is no intention to ban cryptocurrencies in Turkey

The Turkish Ministry of Finance is working on developing broader regulations regarding cryptocurrencies, according to statements by the Turkish Central Bank governor, Adding that the bank does not intend to block it.

And in InterviewŞahap Kavcıoğlu said: Some details will be ready in two weeks.

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

In the legislation published in the Official Gazette, the central bank said: Cryptocurrencies and other digital assets based on distributed ledger technology cannot be used, directly or indirectly, as a payment tool.

Bitcoin was down nearly 3 percent at $ 61,490 against the dollar at 7:54 GMT after the ban. Turkish On April 16, he was criticized by the main opposition party.

In a statement, the central bank said: The crypto assets are not subject to any regulatory and supervisory mechanisms nor a central regulatory authority, among other security risks.

He said: Payment service providers will not be able to develop business models in a way in which crypto assets are used directly or indirectly in providing payment services and issuing electronic funds, and they will not provide any such services.

And last week, Royal Motor Company, which distributes Rolls Royce and Lotus cars in Turkey, became the first company in the country to say it accepts payments in cryptocurrency.

Globally, giants such as Apple and Amazon accept such payments as well.

Meanwhile, Turkey-based digital asset trading platform, Vebitcoin, announced late Friday that it had halted all activities in order to fulfill all regulations and claims.

The Vebitcoin platform said in a statement: Given the recent developments in the cryptocurrency industry, there has been a much higher density of our operations than anticipated, and we would like to announce with regret that we have decided to halt our activities in order to fulfill all regulations and claims.

The Turkish Financial Crime Investigation Board (MASAK) banned the company’s accounts and began an investigation.

This comes after hundreds of thousands of users of the Turkish cryptocurrency exchange, Thodex, were unable to access their digital assets on April 22 after the platform suddenly stopped trading, and Turkey issued an international arrest warrant against the founder of the trading platform.

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

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