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BTC Price Fell After Turkey Bans Crypto Payments

CryptocurrencyApr 18, 2021 07:30AM ET
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BTC Price Fell After Turkey Bans Crypto Payments

  • Central Bank of the Republic of Turkey banned cryptocurrency payments.
  • CBRT cited lack of supervision mechanism and central authority as reasons.
  • Bitcoin’s price fell shortly after the ban.

Last Friday, the Turkish central bank issued a ban on the use of cryptocurrency as a payment method in Turkey. The decision to ban crypto was due to the rising number of crypto asset users within the country.

According to the central bank’s official announcement, the ban is due to several reasons including the lack of supervision mechanisms, central authority, and stability.

The announcement issued two very specific notices. The first one being “not using crypto assets in payments” and the second one being “not using crypto assets in the provision of payment services and electronic money issuance.”

Analysts attributed the fall of BTC and ETH to the ban. Coin information websites like Coinmarketcap and Coingecko show that both cryptocurrencies fell by a significant margin — 4% for BTC and 3.9% for ETH.

This ban will halt the increasing usage of crypto in the country. The decision will severely affect Turkey’s crypto market that gained traction as Turkish investors joined in the global crypto rally.

Aside from Turkey, there are other countries such as India that plans to be stricter when it comes to cryptocurrency. A few weeks ago, India’s national government showcased their plans to propose a law that will ban cryptocurrency in India. Cryptocurrency holders and users will face a heavy fine once the ban takes place.

This article was first published on coinquora.com

Continue reading on CoinQuora

BTC Price Fell After Turkey Bans Crypto Payments
 

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Comments (4)
Chic Surinthum
Chic Surinthum Apr 18, 2021 8:28AM ET
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Good news
Chic Surinthum
Chic Surinthum Apr 18, 2021 8:28AM ET
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Buy more
Dan Barbu
Dan Barbu Apr 18, 2021 8:10AM ET
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We have a Word here that sounds like: "Are you turkish?". Meaning: "Don't you understand?"... That's why they blocked it. They don't understand the future
Al Capo
Al Capo Apr 18, 2021 8:10AM ET
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They probably have a big problem with corruption!!!
Lauri Taskinen
Lauri Taskinen Apr 18, 2021 8:10AM ET
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I bet sinking Turkish lira has more to do with it than bitcoin's volatility
Jason Son
Jason Son Apr 18, 2021 8:10AM ET
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Money Laundry
Saija Mattila
Saija Mattila Apr 18, 2021 8:05AM ET
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Turkey.. pff WHO cares
Anar Hasanov
Anar Hasanov Apr 18, 2021 8:02AM ET
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This Government is the worst ever.
 
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