- Bitcoin Tumbles After Turkey Bans Crypto Payments Citing Risks
by Ece Toksabay, https://www.reuters.com/
Bitcoin tumbled more than 4% on Friday after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible “irreparable” damage and transaction risks.
In legislation published in the Official Gazette, the central bank said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, to pay for goods and services.
The decision could stall Turkey’s crypto market, which has gained momentum in recent months as investors joined the global rally in bitcoin, seeking to hedge against lira depreciation and inflation that topped 16% last month.
Bitcoin was down 4.6% at $60,333 at 1117 GMT after the ban, which was criticised by Turkey’s main opposition party. Smaller coins ethereum and XRP , which tend to move in tandem with bitcoin, fell between 6%-12%.