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Bitcoin Price Falls Following the Ban of Cryptocurrencies in Turkey – Bitxmi News

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Bitcoin Price Falls Following the Ban of Cryptocurrencies in Turkey

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Bitcoin Price Falls

Bitcoin Price Falls Following the Ban of Cryptocurrencies in Turkey

The Turkish Central Bank recently declared all digital money payment transactions illegal with immediate effect; a decision which resulted in bitcoin dropping to a cost of $61 thousand.

Bitcoin Price Falls

The Turkish bank has introduced a countrywide ban on the use of cryptocurrencies to pay for goods and services. When asked to comment, the regulator explained that these assets are not subject to control and supervision, which ultimately creates security risks and potential losses.

Ban Enforced from April 30th, 2021

Turkey will prohibit the use of bitcoin and other cryptocurrencies as a payment instrument from April 30th, 2021. In an official statement from the authorities, it has been said that cryptocurrency cannot be used either directly or indirectly in settlement transactions.

Companies are prohibited from offering goods or services to process transactions with such assets from April 30th. Furthermore, The Central Bank of Turkey stressed that cryptocurrency investments pose great risks. To avoid the use of cryptocurrencies by criminal structures, the state has decided to deal a crushing blow to this lucrative industry.

With this being said, the popularity of cryptocurrencies in Turkey is growing amid the weakening Turkish Lira and inflation. In March, annual inflation in the country exceeded a stifling 16%.

According to a representative of the regulator, the use of digital money in payments can lead to “irreparable losses” for participants in such transactions. The Central Bank also said that payments in cryptocurrency could undermine confidence in the methods and tools that are used in traditional payments.

On the night of April 16th, the bitcoin rate reached $63.8 thousand on the BitXmi crypto exchange. However, against the background of the ban on cryptocurrency payments in Turkey, it began to sharply decline shortly thereafter. Cryptocurrency quotes fell to $60.8 thousand; and a further 3% over the past day.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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