Turkey’s central bank says it has no intention of banning cryptocurrencies

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Turkey’s finance ministry is working on broader regulations regarding cryptocurrencies, Central Bank Governor Sahap Kavcioglu said on Friday, adding that the bank does not intend to ban them. In an interview with Turkish television operators, Kavcoglu said some details would be ready in two weeks.

Last week, the central bank banned the use of cryptocurrencies in payments, citing significant risks due to volatile market values. In the legislation published in the Official Gazette, said the central bank cryptocurrencies and other similar digital assets based on distributed ledger technology may not be used, directly or indirectly, as a payment instrument.

Bitcoin dropped by nearly 3 percent to $ 61,490 (approximately Rs. 46 lac) against the dollar at 7:54 GMT (1:24 p.m. IST) after Turkey’s April 16 ban, which was criticized by the main opposition party.

In a statement, the central bank said crypto assets were “neither subject to any regulatory and supervisory mechanisms nor a central regulatory body”, among other security risks.

“Payment service providers will not be able to develop business models in a way that cryptocurrencies are used directly or indirectly in the provision of payment services and the issuance of electronic money,” and will not provide any services, the statement said.

Last week, Royal Motor, which distributes Rolls-Royce and Lotus cars in Turkey, became the first in the country to say it would accept payments in cryptocurrencies. Giants such as Apple, Amazon and Expedia also accept such payments.

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