The central bank of Turkey on Friday has prohibited the use of cryptocurrencies such as bitcoin for purchases, referring to transaction risks.
Although the ban is said to be effective April 30, as said in legislation published in the Official Gazette.
Meanwhile, the new regulation prohibits the transfer of cryptocurrencies for purchases or services.
The central bank said the ban was due to “significant risks” associated with cryptocurrencies.
These risks include a lack of regulation and supervision, “non-recoverable” losses for the parties to the transactions and possible use for criminal objectives, said the bank.