{"id":228603,"date":"2021-04-16T18:29:00","date_gmt":"2021-04-16T15:29:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-falls-as-turkey-bans-cryptocurrency-payments\/"},"modified":"2021-04-16T18:29:00","modified_gmt":"2021-04-16T15:29:00","slug":"bitcoin-falls-as-turkey-bans-cryptocurrency-payments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-as-turkey-bans-cryptocurrency-payments\/","title":{"rendered":"#\n  Bitcoin falls as Turkey bans cryptocurrency payments"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a341aaf4a066\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a341aaf4a066\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-as-turkey-bans-cryptocurrency-payments\/#Turkeys_central_bank_cited_excessive_volatility_and_a_lack_of_regulation_as_reasons_for_the_ban\" >Turkey\u2019s central bank cited excessive volatility and a lack of regulation as reasons for the ban<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-as-turkey-bans-cryptocurrency-payments\/#Callum_Keown\" >Callum Keown<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Bitcoin falls as Turkey bans cryptocurrency payments<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Turkeys_central_bank_cited_excessive_volatility_and_a_lack_of_regulation_as_reasons_for_the_ban\"><\/span>\n  Turkey\u2019s central bank cited excessive volatility and a lack of regulation as reasons for the ban<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000234808\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Bitcoin fell early on Friday, after Turkey\u2019s central bank decided to ban the use of cryptocurrencies for payments from the end of the month.<\/p>\n<p> The Central Bank of the Republic of Turkey (CBRT) cited a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/EN\/TCMB+EN\/Main+Menu\/Announcements\/Press+Releases\/2021\/ANO2021-17\" class=\"icon none\">number of reasons for the ban<\/a>, including a lack of \u201csupervision mechanisms\u201d and \u201ccentral authority regulation\u201d for crypto assets.<\/p>\n<div class=\"paywall\">\n       It said that market values can be \u201cexcessively volatile,\u201d adding that digital wallets can be stolen or used unlawfully and that transactions were irrevocable.<\/p>\n<p>The benchmark cryptocurrency<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-2.93%<\/bg-quote><br \/>\n       slipped 4% to $60,902, after reaching all-time highs above $64,000 earlier this week ahead of crypto exchange platform Coinbase\u2019s<br \/>\n        COIN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/225893452\/composite\" class=\"positive\">+5.62%<\/bg-quote><br \/>\n       initial public offering. Ether<br \/>\n        ETHUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573964\/realtime\" class=\"negative\">-3.05%<\/bg-quote><span>,<\/span><br \/>\n       the world\u2019s second-most prominent crypto, also fell 3.9%.<\/p>\n<p>\u201cPayment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and cannot provide any services related to such business models,\u201d according to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.resmigazete.gov.tr\/eskiler\/2021\/04\/20210416-4.htm\" class=\"icon none\">new regulation<\/a>.<\/p>\n<p>The CBRT said it had taken the decision amid a rise in the use of crypto assets to make payments.\u00a0\u00a0<\/p>\n<p>Last month, Tesla Chief Executive Elon Musk said Americans could now buy a Tesla with bitcoin and that people outside the U.S. would be able to do the same later this year. Electric-car maker Tesla<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/composite\" class=\"negative\">-1.06%<\/bg-quote><br \/>\n       said it acquired $1.5 billion worth of bitcoin in February, announcing plans to also use it as a form of payment. Online payments service PayPal<br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"negative\">-1.53%<\/bg-quote><br \/>\n       also started letting U.S. customers purchase items with cryptocurrencies at the end of March.<\/p>\n<p>But the CBRT said crypto asset payments came with \u201csignificant risks.\u201d\u00a0<\/p>\n<p>\u201cIt is considered the use in payments may cause nonrecoverable 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,\u201d it said.<\/p>\n<p>Turkey isn\u2019t the only country looking to take tough measures on digital assets. India is reportedly set to propose a law banning cryptocurrencies and making trading or even holding assets punishable with a fine. The bill was included in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/loksabhadocs.nic.in\/bull2mk\/2021\/29012021.pdf\" class=\"icon none\">government agenda in January<\/a>, which also referenced plans to create an official digital currency issued by the Reserve Bank of India. \u201cThe bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> of cryptocurrency and its uses,\u201d according to the agenda.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Callum Keown\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Callum_Keown\"><\/span>Callum Keown<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The Central Bank of the Republic&#8230;<\/p>\n","protected":false},"author":1,"featured_media":188647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-228603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/228603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=228603"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/228603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/188647"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=228603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=228603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=228603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}