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This morning Turkey restricted the use of cryptocurrency in payments in the Islamic nation. President Recep Erdogan's economic policies have destroyed the value of the Turksh Lira, and citizens have been looking to Bitcoin and other crypto assets as a way to store value. The government obviously sees this as a threat to the Turkish currency.

Below is the statement put out by the Turkish authorities.

Crypto assets entail significant risks to the relevant parties due to the following reasons:

They are neither subject to any regulation and supervision mechanisms nor a central regulatory authority, their market values can be excessively volatile, they may be used in illegal actions due to their anonymous structures, wallets can be stolen or used unlawfully without the authorization of their holders, and transactions are irrevocable. Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments.

Accordingly, pursuant to the authority vested by the Law No:1211 on the Central Bank of the Republic of Turkey (CBRT) and the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, the CBRT has introduced “Regulation on the Disuse of Crypto Assets in Payments”.

The only good news in Turkey is the boom in tourism the nation is experiencing as rockbottom prices draw crowds from Russia and beyond.

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