Turkish presidential decree on cryptocurrencies

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Turkish presidential decree on cryptocurrencies

Reuters

The Associated Press reported that a Turkish presidential decree published today, Saturday, added cryptocurrency exchanges to the list of companies that practice terrorist financing and money laundering in Turkey.

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Last month, the Turkish Central Bank banned the use of currencies and crypto assets in the purchase of goods and services, citing the “irreversible” potential damages and great risks in those dealings.

The Turkish Central Bank stressed that cryptocurrencies and their equivalents based on distributed ledger technology cannot be used, directly or indirectly, as a payment tool.

The market for crypto assets has boomed recently, but the Turkish Central Bank, in a statement explaining the reasons for the ban, saw that such assets “are not subject to any regulatory or supervisory mechanisms, nor to a central regulatory authority.”

It was reported in early April that Turkish authorities had requested user-related information from cryptocurrency trading platforms.

Source: Agencies



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